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

Quiddity Advisors

Event-Driven

<div>
<p>On December 1, the Board of <a href="https://www.smartkarma.com/entities/lopez-holdings-corp" target="_blank" data-smartkarma-citation="entities:23066:1" rel="noopener">Lopez Holdings (LPZ PM)</a> announced 51.04%-held <a href="https://www.smartkarma.com/entities/first-philippine-holdings-corp" target="_blank" data-smartkarma-citation="entities:23027:1" rel="noopener">First Philippine Holdings (FPH PM)</a>'s tender offer to acquire a minimum of 20% and a maximum of 45.56% of shares out in LPZ, at a price of P3.85/share, a 25% premium to last close. The Lopez family, currently owning 54.44% of shares out in LPZ, will not participate in the Offer.</p>
<p>In addition, LPZ's board authorised the filing of a petition for voluntary delisting of the company.</p>
<p>The Tender Offer is expected to commence on the 22 January 2021 and remain open until 19 February, with an expected payment on the 8 Mar 2021.</p>
<p>The IFA has given a fairness opinion with a convenient range of P2.34 to P3.92/share.</p>
<p>Yet the Offer price looks light and opportunistic, having traded through terms in late February. </p>
<p>More below the fold.</p>
</div>
<div>
<div>
<p></p>
</div>
</div>


On December 1, the Board of Lopez Holdings (LPZ PM) announced 51.04%-held First Philippine Holdings (FPH PM)'s tender offer to acquire a minimum of 20% and a maximum of 45.56% of shares out in LPZ, at a price of P3.85/share, a 25% premium to last close. The Lopez family, currently owning 54.44% of shares out in LPZ, will not participate in the Offer.
In addition, LPZ's board authorised the filing of a petition for voluntary delisting of the company.
The Tender Offer is expected to commence on the 22 January 2021 and remain open until 19 February, with an expected payment on the 8 Mar 2021.
The IFA has given a fairness opinion with a convenient range of P2.34 to P3.92/share.
Yet the Offer price looks light and opportunistic, having traded through terms in late February. 
More below the fold.







Lopez Holdings (LPZ PM): Reverse Voluntary Delisting