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

Yanlords' Unconditional Offer For United Engineer Gets IFA Backing

United Engineers: Life After Takeover Offer (Part 1)

United Engineers: Yanlord Takes a Bigger Slice, But Nothing Changes

United Engineers - On the Selling Block Again

Quiddity Advisors

Event-Driven

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<p>On the 25 October, <a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152:1" rel="noopener">Yanlord Land (YLLG SP)</a> <a href="https://links.sgx.com/FileOpen/25-10-2019-Yanlord_Ann_Acquisition_YIS_UEL_Offer.ashx?App=Announcement&amp;FileID=583021" target="_blank" rel="noopener">announced</a> it is had entered into a sale and purchase agreement to acquire all of <a href="https://www.smartkarma.com/entities/19089" target="_blank" rel="noopener">Perennial Real Estate Holdings Limited (PREH SP)</a> (45%)  and Heng Yue (6%) interest in Yanlord Perennial Investment (Singapore) Pte. Ltd (YPI) - or 51% in total - the completion of which triggers a Mandatory Conditional Offer for UEM. YPI is an  SPV holding a 35.27% in <a href="https://www.smartkarma.com/entities/united-engineers-ltd" target="_blank" data-smartkarma-citation="entities:15566:1" rel="noopener">United Engineers (UEM SP)</a>.</p>
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<p>The price under the Offer was $2.60 - the same price as the <a href="https://links.sgx.com/FileOpen/UELAnnc_13Jul17.ashx?App=Announcement&amp;FileID=461461" target="_blank" rel="noopener">2017 Offer</a> - versus the undisturbed price of $2.66. </p>
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<p>Should the Offer become unconditional, Yanlord would be required to make a downstream unconditional mandatory offer for unlisted WBL Corporation.</p>
<p>Yanlord has now announced it has <a href="https://links.sgx.com/FileOpen/Announcement%20-%20Revision%20of%20UEL%20Offers.ashx?App=Announcement&amp;FileID=585387" target="_blank" rel="noopener">acquired</a> 6.15% (39.2mn shares) at S$2.70/shares, taking its holding to 41.42%. It concurrently announced a <a href="https://links.sgx.com/FileOpen/Announcement%20-%20Revision%20of%20UEL%20Offers.ashx?App=Announcement&amp;FileID=585387" target="_blank" rel="noopener">bump</a> in its Offer to $2.70/share, and declared the Offer Price is Final, but reserves the right to revise terms if a competitive situation arises.</p>
<p>The dynamics of this Offer have now changed with a high likelihood of fulfilling the acceptance condition.</p>
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On the 25 October, Yanlord Land (YLLG SP) announced it is had entered into a sale and purchase agreement to acquire all of Perennial Real Estate Holdings Limited (PREH SP) (45%)  and Heng Yue (6%) interest in Yanlord Perennial Investment (Singapore) Pte. Ltd (YPI) - or 51% in total - the completion of which triggers a Mandatory Conditional Offer for UEM. YPI is an  SPV holding a 35.27% in United Engineers (UEM SP).


The price under the Offer was $2.60 - the same price as the 2017 Offer - versus the undisturbed price of $2.66. 


Should the Offer become unconditional, Yanlord would be required to make a downstream unconditional mandatory offer for unlisted WBL Corporation.
Yanlord has now announced it has acquired 6.15% (39.2mn shares) at S$2.70/shares, taking its holding to 41.42%. It concurrently announced a bump in its Offer to $2.70/share, and declared the Offer Price is Final, but reserves the right to revise terms if a competitive situation arises.
The dynamics of this Offer have now changed with a high likelihood of fulfilling the acceptance condition.





United Engineers

Yanlord Bumps Offer For United Engineers