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

I.T. (999 HK): Scheme Meeting 16 April. IFA Says Fair

Quiddity Advisors

Event-Driven

Fashion wear and accessory player <a href="https://www.smartkarma.com/entities/i-t-ltd" target="_blank" data-smartkarma-citation="entities:2795:1" rel="noopener">I.T Ltd (999 HK)</a> has received a pre-conditional <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1206/2020120600017.pdf" target="_blank" rel="noopener">Offer</a>, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.
The Offeror is Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.
The pre-condition refers to approval from the State Administration for Market Regulation of the PRC (SAMR), the anti-monopoly watchdog. This condition is not waiverable. 
Conditions to the Scheme are standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated.
Disinterested shareholders total 36.39% of shares out therefore the blocking stake is equivalent to 3.639% or 43.52mn shares. 
More below the fold.

Fashion wear and accessory player I.T Ltd (999 HK) has received a pre-conditional Offer, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.
The Offeror is Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.
The pre-condition refers to approval from the State Administration for Market Regulation of the PRC (SAMR), the anti-monopoly watchdog. This condition is not waiverable. 
Conditions to the Scheme are standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated.
Disinterested shareholders total 36.39% of shares out therefore the blocking stake is equivalent to 3.639% or 43.52mn shares. 
More below the fold.

I.T Ltd

I.T. (999 HK): Management/CVC-Led Offer