Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Golden Land: Less An Offer, More A Consolidation Of Interests

Quiddity Advisors

Event-Driven

Golden Land Property Development / Event-Driven

Golden Land Property Development (GOLD TB)

At the <a href="https://www.set.or.th/set/newsdetails.do?newsId=15571856117470&amp;language=en&amp;country=US" target="_blank">EGM</a> last week, shareholders of <a href="https://www.smartkarma.com/entities/16117" target="_blank" data-smartkarma-citation="entities:16117:1">Frasers Property (Thailand) Pcl (FPT TB)</a> approved the acquisition of <a href="https://www.smartkarma.com/entities/12764" target="_blank" data-smartkarma-citation="entities:12764:1">Golden Land Prop Dvlp (GOLD TB)</a> by means of a voluntary tender offer (VTO) at Bt8.50/share.
The VTO is still pending the last pre-condition regarding the approval from the Office of Trade Competition Commission (OTCC). A response from OTCC is expected by the end of this week according to my discussions with FPT following which FPT will submit filings to the SEC and proceed to launch the VTO next week. The VTO will be unconditional - FPT will take as many shares as it can get.
This VTO has been initiated to consolidate the Sirivadhanabhakdi family's 80.2% holding into GOLD  - via <a href="https://www.smartkarma.com/entities/1670" target="_blank" data-smartkarma-citation="entities:1670:1">Frasers Property Ltd (FPL SP)</a> and <a href="https://www.smartkarma.com/entities/18006" target="_blank" data-smartkarma-citation="entities:18006:1">Univentures Public (UV TB)</a> - under one roof.
There is an intention to delist GOLD although it may be a big ask for FPT to secure 90%+ in the VTO process, given the Offer price was a 2.4% premium to last close, and the fact GOLD traded above the current terms as recently as early December. Getting to 90% requires almost 50% of minorities to submit their shares. 
Nevertheless, GOLD has not closed above terms since the Offer was announced and recent results are mediocre, with the <a href="https://www.set.or.th/set/newsdetails.do?newsId=15574443147570&amp;language=en&amp;country=US" target="_blank">1H19 net profit </a>(Sept Y/E) of Bt1.1bn, a 3.4% increase over the same period last year, with the profit margin (for the same period) declining to 12.2% from 13.9% last year..
Should FPT secure 90% of GOLD in the VTO, it may proceed with its delisting. A voluntary delisting is still achievable with ~80% in the bag, but that is conditional on &lt;10% of shareholders not voting against.
Currently trading at a tight gross/annualized spread of 1.8%/7.8% assuming early August payment - my initial timetable in the prior <a href="https://www.smartkarma.com/insights/golden-land-less-an-offer-more-a-consolidation-of-interests" target="_blank">insight</a> has been pushed out by a week.

At the EGM last week, shareholders of Frasers Property (Thailand) Pcl (FPT TB) approved the acquisition of Golden Land Prop Dvlp (GOLD TB) by means of a voluntary tender offer (VTO) at Bt8.50/share.
The VTO is still pending the last pre-condition regarding the approval from the Office of Trade Competition Commission (OTCC). A response from OTCC is expected by the end of this week according to my discussions with FPT following which FPT will submit filings to the SEC and proceed to launch the VTO next week. The VTO will be unconditional - FPT will take as many shares as it can get.
This VTO has been initiated to consolidate the Sirivadhanabhakdi family's 80.2% holding into GOLD  - via Frasers Property Ltd (FPL SP) and Univentures Public (UV TB) - under one roof.
There is an intention to delist GOLD although it may be a big ask for FPT to secure 90%+ in the VTO process, given the Offer price was a 2.4% premium to last close, and the fact GOLD traded above the current terms as recently as early December. Getting to 90% requires almost 50% of minorities to submit their shares. 
Nevertheless, GOLD has not closed above terms since the Offer was announced and recent results are mediocre, with the 1H19 net profit (Sept Y/E) of Bt1.1bn, a 3.4% increase over the same period last year, with the profit margin (for the same period) declining to 12.2% from 13.9% last year..
Should FPT secure 90% of GOLD in the VTO, it may proceed with its delisting. A voluntary delisting is still achievable with ~80% in the bag, but that is conditional on &lt;10% of shareholders not voting against.
Currently trading at a tight gross/annualized spread of 1.8%/7.8% assuming early August payment - my initial timetable in the prior insight has been pushed out by a week. 

Golden Land: Tender Offer Into The Home Straight