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

Link Admin (LNK AU): SS&C Trumps PEP/Carlyle

Link Group (LNK AU): KKR Opens The Bidding For PEXA

Quiddity Advisors

Event-Driven

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<p>Back on the 12 October,  <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02292481-2A1255763?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a conditional, non-binding indicative proposal from a consortium comprising PEP and the Carlyle Group, by way of a Scheme. The indicative cash price was A$5.20/share, a 30% premium to last close. Perpetual, holding 9.65% of shares out, said it would vote for a firm Offer of $5.20/share and above.</p>
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<div>On the 23 October, Link <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02297758-2A1258281?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">said</a> the proposal from PEP/Carlyle "<em>materially undervalued the company</em>". </div>
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<h3>The New News</h3>
<p>PEP/Carlyle have <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02298663-2A1258716?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">now</a> tabled a A$5.40/share non-binding indicative Offer, in cash. The proposal includes an option of a cash offer for Link ex-Property Exchange Australia (PEXA) of 3.80/share, along with the ability to take an indirect interest in PEXA.  Shareholders with 14.62% of shares out have stated their intention to vote in favour of PEP/Carlyle's latest proposal, in the absence of a superior offer.</p>
<p>PEP/Carlyle said it requires six weeks of due diligence, and if DD access is not provided by the 28 October, they will walk.</p>
<p>For just a 3.8% bump, that is a tad aggressive. That adds risk to a firm deal unfolding.</p>
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<p>As always, more below the fold.</p>
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Back on the 12 October,  Link Administration Holdings (LNK AU) announced a conditional, non-binding indicative proposal from a consortium comprising PEP and the Carlyle Group, by way of a Scheme. The indicative cash price was A$5.20/share, a 30% premium to last close. Perpetual, holding 9.65% of shares out, said it would vote for a firm Offer of $5.20/share and above.

On the 23 October, Link said the proposal from PEP/Carlyle "materially undervalued the company". 

The New News
PEP/Carlyle have now tabled a A$5.40/share non-binding indicative Offer, in cash. The proposal includes an option of a cash offer for Link ex-Property Exchange Australia (PEXA) of 3.80/share, along with the ability to take an indirect interest in PEXA.  Shareholders with 14.62% of shares out have stated their intention to vote in favour of PEP/Carlyle's latest proposal, in the absence of a superior offer.
PEP/Carlyle said it requires six weeks of due diligence, and if DD access is not provided by the 28 October, they will walk.
For just a 3.8% bump, that is a tad aggressive. That adds risk to a firm deal unfolding.


As always, more below the fold.


Link Admin: Hardball Tactics After Meagre Bump