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

The Magang/Angang Pair Trade Is Preferable To The MGO

Quiddity Advisors

Event-Driven

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<a href="https://www.smartkarma.com/entities/maanshan-iron-steel-h" target="_blank" data-smartkarma-citation="entities:204:1" rel="noopener">Maanshan Iron &amp; Steel H (323 HK)</a>'s Composite Doc has been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0930/ltn20190930111.pdf" target="_blank" rel="noopener">issued</a>. The First Closing Date is the 29th October, and the Offer will lapse if not unconditional by this date.
The MGO is conditional on 343.87mn H shares tendering or ~20% of total H shares outstanding and 4.46% of total A&amp;H shares, which together would give China Baowu (the Offeror) 50% of Maanshan.
Previously I wrote I was not convinced there were sufficient shares in arb hands for the MGO to be met. Recent developments indicate this Offer will now turn unconditional.
By my reckoning, 16.1% of shares have now tendered into the Offer. This may include PSquared's holding of 7.41%.
Regardless, with three days remaining in the tender process, this deal is highly likely to get up, and the Offer would automatically be extended for an additional 14 days.
Currently trading at HK$2.94 against the Offer price of HK$2.97.  I'd get involved here.
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Maanshan Iron &amp; Steel H (323 HK)'s Composite Doc has been issued. The First Closing Date is the 29th October, and the Offer will lapse if not unconditional by this date.
The MGO is conditional on 343.87mn H shares tendering or ~20% of total H shares outstanding and 4.46% of total A&amp;H shares, which together would give China Baowu (the Offeror) 50% of Maanshan.
Previously I wrote I was not convinced there were sufficient shares in arb hands for the MGO to be met. Recent developments indicate this Offer will now turn unconditional.
By my reckoning, 16.1% of shares have now tendered into the Offer. This may include PSquared's holding of 7.41%.
Regardless, with three days remaining in the tender process, this deal is highly likely to get up, and the Offer would automatically be extended for an additional 14 days.
Currently trading at HK$2.94 against the Offer price of HK$2.97.  I'd get involved here.


Maanshan's Offer Likely To Turn Unconditional