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

Woolies (WOW AU) Announces ~4.4% Off-Market Buyback

Quiddity Advisors

Event-Driven

Back on the <a href="https://www.woolworthsgroup.com.au/content/Document/2019-11-01%20Restructure%20Booklet.pdf" target="_blank" rel="noopener">3 July 2019</a>, supermarket and grocery chain giant <a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a> announced plans to spin off its retail drinks and hospitality business via <a href="https://www.smartkarma.com/entities/endeavour-group-ltd-australia" target="_blank" data-smartkarma-citation="entities:33512:1" rel="noopener">Endeavour Group (EDV AU)</a>.
The demerger was expected to simplify the organisational structure, unlock long-term shareholder value for the company, and provide Endeavour greater access to capital. Shareholders agreed and approved the demerger at the EGM on the <a href="https://www.woolworthsgroup.com.au/content/Document/2019%20AGM%20%26%20EGM%20results.pdf" target="_blank" rel="noopener">16 December 2019</a>.
The internal structure was completed on the <a href="https://www.woolworthsgroup.com.au/content/Document/Completion%20of%20Internal%20Restructure%20and%20ALH%20Merger.pdf" target="_blank" rel="noopener">4 February 2020</a>, such that Woolies held 85.4% in Endeavour. The Bruce Mathieson Group held the remaining 14.6%. 
The timing of the demerger was subsequently <a href="https://www.woolworthsgroup.com.au/content/Document/Woolworths%20Group%20update%20on%20impact%20of%20coronavirus%20(COVID-19).pdf" target="_blank" rel="noopener">delayed</a> on account of Covid-19. 
A new meeting was held on the 18 June to re-consider the demerger, which was also <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02385935-2A1304198?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">duly passed</a>. 
Via an in-specie distribution to existing shareholders, Woolies' shareholders received one Endeavour share for every Woolies' share, in addition to maintaining their one share in Woolies. 
Woolies commenced trading on the ASX, ex-entitlement, on the 24 June, the same day Endeavour commenced trading. 
Woolies is now a cleaner supermarket play, whereas Endeavour may find itself on the wrong side of ESG investors. 
More below the fold.

Back on the 3 July 2019, supermarket and grocery chain giant Woolworths Ltd (WOW AU) announced plans to spin off its retail drinks and hospitality business via Endeavour Group (EDV AU).
The demerger was expected to simplify the organisational structure, unlock long-term shareholder value for the company, and provide Endeavour greater access to capital. Shareholders agreed and approved the demerger at the EGM on the 16 December 2019.
The internal structure was completed on the 4 February 2020, such that Woolies held 85.4% in Endeavour. The Bruce Mathieson Group held the remaining 14.6%. 
The timing of the demerger was subsequently delayed on account of Covid-19. 
A new meeting was held on the 18 June to re-consider the demerger, which was also duly passed. 
Via an in-specie distribution to existing shareholders, Woolies' shareholders received one Endeavour share for every Woolies' share, in addition to maintaining their one share in Woolies. 
Woolies commenced trading on the ASX, ex-entitlement, on the 24 June, the same day Endeavour commenced trading. 
Woolies is now a cleaner supermarket play, whereas Endeavour may find itself on the wrong side of ESG investors. 
More below the fold.

Woolworths/Endeavour: Taking A Bet On Alcohol & Gaming