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

SOHO China (410 HK): Known Knowns As Spread Widens

SOHO China (410 HK) Suspended Pursuant To The Takeovers Code - Again

SOHO China Suspended Ahead Of Possible Blackstone Bid

Quiddity Advisors

Event-Driven

<div>
<p>And we have a deal!</p>
<p>After a false start over a year ago, PRC commercial property-play <a href="https://www.smartkarma.com/entities/soho-china-ltd" target="_blank" data-smartkarma-citation="entities:4123:1" rel="noopener">Soho China Ltd (410 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0616/2021061600985.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional Offer from the Blackstone Group at $5.00/share, a 31.6% premium to last close and a 57.6% premium over the average close of the last five trading days.</p>
<p>The pre-cons are mainly regulatory-related - this needs clearance from SAMR under PRC Anti-Monopoly Law</p>
<p>The key condition to the Offer itself requires 50% of the voting rights tendered within the Offer period. Founders Pan Shiyi and his wife Zhang Xin have given an irrevocable to tender 54.93% of shares out, leaving the couple with 9%. It is not Blackstone's intention to delist the company nor avail itself to the power of compulsory acquisition.</p>
<p>Therefore this deal is done once SAMR signs off. The only real risk to the deal is one of timing. The fact this is not a full takeover, involves a small-ish Tier 1 property play,  and Pan Shiyi remains invested, <em>should</em> smooth over the application. My guess is the application will be assessed as a simplified procedure or simple case. </p>
</div>
<div>
<p>As always, there is more below the fold.</p>
</div>


And we have a deal!
After a false start over a year ago, PRC commercial property-play Soho China Ltd (410 HK) has announced a pre-conditional Offer from the Blackstone Group at $5.00/share, a 31.6% premium to last close and a 57.6% premium over the average close of the last five trading days.
The pre-cons are mainly regulatory-related - this needs clearance from SAMR under PRC Anti-Monopoly Law
The key condition to the Offer itself requires 50% of the voting rights tendered within the Offer period. Founders Pan Shiyi and his wife Zhang Xin have given an irrevocable to tender 54.93% of shares out, leaving the couple with 9%. It is not Blackstone's intention to delist the company nor avail itself to the power of compulsory acquisition.
Therefore this deal is done once SAMR signs off. The only real risk to the deal is one of timing. The fact this is not a full takeover, involves a small-ish Tier 1 property play,  and Pan Shiyi remains invested, should smooth over the application. My guess is the application will be assessed as a simplified procedure or simple case. 


As always, there is more below the fold.


Soho China

SOHO China's (410 HK) Done & Dusted VGO