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

Xenith Caves And Recommends IPH's Superior Offer

Quiddity Advisors

Event-Driven

This morning <a href="https://www.smartkarma.com/entities/xenith-ip-group-ltd" target="_blank" data-smartkarma-citation="entities:24315:1" rel="noopener">Xenith Ip (XIP AU)</a> shareholders <a href="https://www.asx.com.au/asxpdf/20190725/pdf/446wd31n2n20zh.pdf" target="_blank" rel="noopener">emphatically</a> approved <a href="https://www.smartkarma.com/entities/iph-ltd" target="_blank" data-smartkarma-citation="entities:2495:1" rel="noopener">IPH Ltd (IPH AU)</a>'s Offer by way of a Scheme. 
Seven people were present and voted, with a further 254 shareholders voting via proxy. 99.99% of shares present and via proxy voted FOR the Scheme. 
Briefly, on the 8 April, IPH <a href="https://www.asx.com.au/asxpdf/20190408/pdf/4444sz8nghmpd5.pdf" target="_blank" rel="noopener">bumped</a> the scrip portion of its proposal for Xenith. The revised terms were cash (A$1.28) and 0.1261 IPH shares - or $2.15/share - at the time of the announcement.  There is a mix &amp; match facility wherein shareholders can choose 100% cash or 100% scrip, subject to scale back. This revised Offer was begrudgingly, but <a href="https://www.asx.com.au/asxpdf/20190412/pdf/444855vph5ltjj.pdf" target="_blank" rel="noopener">unanimously recommended</a> by Xenith. 
IPH's initial Scheme <a href="https://www.asx.com.au/asxpdf/20190312/pdf/443dg79r2bqhh5.pdf" target="_blank" rel="noopener">proposal</a> for Xenith comprised cash (A$1.28) and IPH shares (0.1056 IPH shares) or A$1.97/share (at the time), which was summarily rejected by Xenith.
Shares will be suspended at the close of trading next Thursday, the 1 August.

This morning Xenith Ip (XIP AU) shareholders emphatically approved IPH Ltd (IPH AU)'s Offer by way of a Scheme. 
Seven people were present and voted, with a further 254 shareholders voting via proxy. 99.99% of shares present and via proxy voted FOR the Scheme. 
Briefly, on the 8 April, IPH bumped the scrip portion of its proposal for Xenith. The revised terms were cash (A$1.28) and 0.1261 IPH shares - or $2.15/share - at the time of the announcement.  There is a mix &amp; match facility wherein shareholders can choose 100% cash or 100% scrip, subject to scale back. This revised Offer was begrudgingly, but unanimously recommended by Xenith. 
IPH's initial Scheme proposal for Xenith comprised cash (A$1.28) and IPH shares (0.1056 IPH shares) or A$1.97/share (at the time), which was summarily rejected by Xenith.
Shares will be suspended at the close of trading next Thursday, the 1 August.

Xenith-IPH Merger: Take That Last Little Bit