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

Holdcos behaving badly is unusual, but it happens, as it is happening now, for one reason or another.
Firm Offers behaving badly, outside the realms of opportunistic/takeunder situations, are rare under normal circumstances.
Clearly we are not living under normal circumstances.
<a href="https://www.smartkarma.com/entities/augusta-capital-ltd" target="_blank" data-smartkarma-citation="entities:9901:1" rel="noopener">Augusta Capital (AUG NZ)</a> is the latest in a string of firm offers to <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/AUG/350727/319702.pdf" target="_blank" rel="noopener">lapse</a> with the Bidco (<a href="https://www.smartkarma.com/entities/centuria-capital-group" target="_blank" data-smartkarma-citation="entities:15546:1" rel="noopener">Centuria Capital (CNI AU)</a> walking after invoking its right to a material adverse change (MAC) being triggered under their respective agreement (the scheme implementation agreement here).
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> declined 11.67% (it also went ex-div today) on news <a href="https://www.smartkarma.com/entities/bangkok-dusit-med-service" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Med Service (BDMS TB)</a> have delayed their AGM to evaluate the impact of COVID-19 and consider and evaluate whether it is still appropriate to make the offer for BH TB.
<a href="https://www.smartkarma.com/entities/abano-healthcare-group-ltd" target="_blank" data-smartkarma-citation="entities:14023:1" rel="noopener">Abano Healthcare (ABA NZ)</a> has warned Corvid-19 may trigger a MAC.
<a href="https://www.smartkarma.com/entities/australian-unity-office-fund" target="_blank" data-smartkarma-citation="entities:24077:1" rel="noopener">Australian Unity Office Fund (AOF AU)</a>'s Offer has lapsed, ostensibly to a technical breach of its SIA, but probably virus-related. <a href="https://www.smartkarma.com/entities/metlifecare-ltd" target="_blank" data-smartkarma-citation="entities:19219:1" rel="noopener">Metlifecare Ltd (MET NZ)</a> is all but broken, despite repeated announcements assuring the Offer is (sort of) still on.
As always, more below the fold.

 
<a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/AUG/350727/319702.pdf" target="_blank" rel="noopener"></a>

Holdcos behaving badly is unusual, but it happens, as it is happening now, for one reason or another.
Firm Offers behaving badly, outside the realms of opportunistic/takeunder situations, are rare under normal circumstances.
Clearly we are not living under normal circumstances.
Augusta Capital (AUG NZ) is the latest in a string of firm offers to lapse with the Bidco (Centuria Capital (CNI AU) walking after invoking its right to a material adverse change (MAC) being triggered under their respective agreement (the scheme implementation agreement here).
Bumrungrad Hospital Pub Co (BH TB) declined 11.67% (it also went ex-div today) on news Bangkok Dusit Med Service (BDMS TB) have delayed their AGM to evaluate the impact of COVID-19 and consider and evaluate whether it is still appropriate to make the offer for BH TB.
Abano Healthcare (ABA NZ) has warned Corvid-19 may trigger a MAC.
Australian Unity Office Fund (AOF AU)'s Offer has lapsed, ostensibly to a technical breach of its SIA, but probably virus-related. Metlifecare Ltd (MET NZ) is all but broken, despite repeated announcements assuring the Offer is (sort of) still on.
As always, more below the fold.

 


Shanghai Pudong Road & Bridge Construction Co. Ltd. (600284 CH)

Shanghai Pudong Road & Bridge Construction Co. Ltd.

Frasers Commercial Trust

Takeover Defenses, MACs & Deal Breaks