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

Event-Driven

<p>Trading at or through the $3.30/share cash terms since the <a href="http://www.hellabyholdings.co.nz/Reports/160927_Takeover_Notice_and_draft_Offer_Document_FINAL.pdf" target="_blank">Takeover Notice</a> on the 27 September, both parties have argued the merits of the proposal: <a href="https://www.smartkarma.com/entities/2672" target="_blank">Hellaby (HBY NZ)</a> claiming the offer short-changes management's refined business focus via streamlining/divesting the gallimaufry of business interests; and <a href="https://www.smartkarma.com/entities/8433" target="_blank">Bapcor (BAP AU)</a>, essentially for the same reason - Hellaby’s historical backdrop of unrelated investments hindering overall valuations. </p><p>On balance, this situation does lend itself to an opportunistic offer. Below the fold, we briefly update the shareholding make-up, take a cursory look at recent operational developments, and suggest Bapcor could readily bump the offer price to $3.60/share.</p>

Trading at or through the $3.30/share cash terms since the Takeover Notice on the 27 September, both parties have argued the merits of the proposal: Hellaby (HBY NZ) claiming the offer short-changes management's refined business focus via streamlining/divesting the gallimaufry of business interests; and Bapcor (BAP AU), essentially for the same reason - Hellaby’s historical backdrop of unrelated investments hindering overall valuations. On balance, this situation does lend itself to an opportunistic offer. Below the fold, we briefly update the shareholding make-up, take a cursory look at recent operational developments, and suggest Bapcor could readily bump the offer price to $3.60/share.

Hellaby Holdings

Hellaby/Bapcor: Partly Hostile