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

Tilt Renewables: Mercury/PowAr's Big Blow

Tilt Renewables: Mercury/PowAR's Bump Heads Off Third-Party Bidders

Tilt Renewables: Scheme Booklet Out. EGM Firmed

Infratil Placement - Better Balance Sheet Flexibility with Focus on Existing Assets

Quiddity Advisors

Event-Driven

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<p>A day after <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/IFT/364532/336831.pdf" target="_blank" rel="noopener">announcing</a> a strategic review of its 65.5% shareholding in <a href="https://www.smartkarma.com/entities/tilt-renewables-ltd" target="_blank" data-smartkarma-citation="entities:24371:1" rel="noopener">Tilt Renewables (TLT NZ)</a>, renewable energy specialist <a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> has received a non-binding Offer, by way of Scheme, from AustralianSuper, Australia's largest superannuation fund.</p>
<p>The NZ$7.43/share Offer is a 22.2% premium to Infratil's last close, and a lifetime high.</p>
<p>The proposal includes a cash consideration of NZ$5.79/share and the distribution of 0.22 shares of <a href="https://www.smartkarma.com/entities/trustpower-ltd" target="_blank" data-smartkarma-citation="entities:11489:1" rel="noopener">Trustpower Ltd (TPW NZ)</a>, in which Infratil is a 50.76% shareholder, for each Infratil share.</p>
<p>The stakes in TPW and TLT are both worth ~NZ$1.2bn each - together accounting for 54% of Infratil's market cap.</p>
<p>The Offer values Infratil at NZ$5.4bn. In its June <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/IFT/354332/324068.pdf" target="_blank" rel="noopener">presentation booklet</a> accompanying a NZ$300mn capital raising, Infratil assessed a fair value for its investments at between NZ$5.67bn-NZ$6.3bn. That placement was done at NZ$4.76/share, an 8% discount to last close. </p>
<p>More below the fold.</p>
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A day after announcing a strategic review of its 65.5% shareholding in Tilt Renewables (TLT NZ), renewable energy specialist Infratil Ltd (IFT NZ) has received a non-binding Offer, by way of Scheme, from AustralianSuper, Australia's largest superannuation fund.
The NZ$7.43/share Offer is a 22.2% premium to Infratil's last close, and a lifetime high.
The proposal includes a cash consideration of NZ$5.79/share and the distribution of 0.22 shares of Trustpower Ltd (TPW NZ), in which Infratil is a 50.76% shareholder, for each Infratil share.
The stakes in TPW and TLT are both worth ~NZ$1.2bn each - together accounting for 54% of Infratil's market cap.
The Offer values Infratil at NZ$5.4bn. In its June presentation booklet accompanying a NZ$300mn capital raising, Infratil assessed a fair value for its investments at between NZ$5.67bn-NZ$6.3bn. That placement was done at NZ$4.76/share, an 8% discount to last close. 
More below the fold.





Infratil (IFT NZ): Big Super's Infrastructure Grab