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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Quiddity Advisors

Event-Driven

Back in <a href="https://www.financialstandard.com.au/news/pacific-equity-partners-to-purchase-asx-perpetual-registrars-19426" target="_blank" rel="noopener">August 2005</a>, Private Equity Partners acquired share registry outfit ASX Perpetual Registrars (APR) for ~A$132mn. PEP followed with the acquisition of Telstra's fund administrator Australian Administration Services, which was rebranded Link Administration, which subsequently acquired APR.
After further, substantial investments and tech upgrades, PEP IPO'ed <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> in October 2015 at $6.37/share, the top end of the range. PEP cleared out its holding in September 2016 at A$8.38/share. 
Link has morphed since PEP's exit, significantly growing its domestic and global operations, via the acquisition of UK-based Capital Asset Services in <a href="https://www.linkgroup.com/media/Link-Group-CAPITA-ASSET-SERVICES-Acquisition-web-release.pdf" target="_blank" rel="noopener">2017</a> (for A$1.493bn); the Property Exchange Australia (known as PEXA), Australia's first digital property settlement platform, acquired by a Link-led consortium (alongside CBA and Morgan Stanley) in 2018 for <a href="https://www.computerworld.com/article/3469078/cba-link-group-and-morgan-stanley-snap-up-pexa.html" target="_blank" rel="noopener">$1.6bn</a>, which increased Link's shareholding to 44.2% from 19.8%; and the acquisition of Pepper Group's European loan servicing, advisory, and asset management business for A$266mn in January this year.
<h3>The New News</h3>
Link has announced its has received a conditional, non-binding indicative proposal from a consortium comprising PEP and the Carlyle Group, by way of a Scheme. The indicative cash price is 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.
This is a non-binding proposal and there is no guarantee a firm offer will unfold. 
But this is a business with which PEP is well acquainted, having orchestrated and developed Link's initial business 15 years ago.
As always, more below the fold.

Back in August 2005, Private Equity Partners acquired share registry outfit ASX Perpetual Registrars (APR) for ~A$132mn. PEP followed with the acquisition of Telstra's fund administrator Australian Administration Services, which was rebranded Link Administration, which subsequently acquired APR.
After further, substantial investments and tech upgrades, PEP IPO'ed Link Administration Holdings (LNK AU) in October 2015 at $6.37/share, the top end of the range. PEP cleared out its holding in September 2016 at A$8.38/share. 
Link has morphed since PEP's exit, significantly growing its domestic and global operations, via the acquisition of UK-based Capital Asset Services in 2017 (for A$1.493bn); the Property Exchange Australia (known as PEXA), Australia's first digital property settlement platform, acquired by a Link-led consortium (alongside CBA and Morgan Stanley) in 2018 for $1.6bn, which increased Link's shareholding to 44.2% from 19.8%; and the acquisition of Pepper Group's European loan servicing, advisory, and asset management business for A$266mn in January this year.
The New News
Link has announced its has received a conditional, non-binding indicative proposal from a consortium comprising PEP and the Carlyle Group, by way of a Scheme. The indicative cash price is 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.
This is a non-binding proposal and there is no guarantee a firm offer will unfold. 
But this is a business with which PEP is well acquainted, having orchestrated and developed Link's initial business 15 years ago.
As always, more below the fold.

Link Administration

Link Admin/PEP: All Together Now. Again