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

Investment houses <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson and Co. (SOL AU)</a> (WHSP) and <a href="https://www.smartkarma.com/entities/milton-corp-ltd" target="_blank" data-smartkarma-citation="entities:29090:1" rel="noopener">Milton Corp Ltd (MLT AU)</a> have <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02386623-2A1304538?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a merger by way of a Scheme via a scrip consideration.
The proposal implies Milton shareholders will receive a total consideration of $6.00/share, a 20% premium to last close and a 9.9% premium to the pre-tax NTA, comprising:
<ul>
<li>new WHSP shares;</li>
<li>a fully franked special dividend from Milton of up A$0.37/share;</li>
<li>a fully franked final dividend from Milton of A$.08/share (estimated); and</li>
</ul>
There is also a fully franked final dividend from WHSP of A$0.36 which when applying the scrip ratio will be worth A$0.07/share (estimated) to MLT holders if they hold WHSP as of the record date. 
As such, an additional A$0.22/share in franking credits (including 3c for the ~7c distribution from the WHSP shares) will be distributed for those Milton shareholders who can take advantage.
The merger has limited conditionality - that being the approval by independent Milton shareholders at a Scheme Meeting, tentatively scheduled for mid-September.
Provided all goes to plan, the Scheme is expected to be implemented late October. 
The independent directors of Milton unanimously recommend the proposal.
More below the fold.

Investment houses Washington H. Soul Pattinson and Co. (SOL AU) (WHSP) and Milton Corp Ltd (MLT AU) have announced a merger by way of a Scheme via a scrip consideration.
The proposal implies Milton shareholders will receive a total consideration of $6.00/share, a 20% premium to last close and a 9.9% premium to the pre-tax NTA, comprising:

new WHSP shares;
a fully franked special dividend from Milton of up A$0.37/share;
a fully franked final dividend from Milton of A$.08/share (estimated); and

There is also a fully franked final dividend from WHSP of A$0.36 which when applying the scrip ratio will be worth A$0.07/share (estimated) to MLT holders if they hold WHSP as of the record date. 
As such, an additional A$0.22/share in franking credits (including 3c for the ~7c distribution from the WHSP shares) will be distributed for those Milton shareholders who can take advantage.
The merger has limited conditionality - that being the approval by independent Milton shareholders at a Scheme Meeting, tentatively scheduled for mid-September.
Provided all goes to plan, the Scheme is expected to be implemented late October. 
The independent directors of Milton unanimously recommend the proposal.
More below the fold.

Washington H. Soul Pattinson and Co. Ltd (SOL AU)

Milton Corp Ltd

WHSP's Proposed Merger With Milton Corp