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

Z Energy (ZEL NZ) Enters Into Scheme With Ampol

Z Energy (ZEL NZ): Scheme Booklet Out. Meeting On The 25 March

Z Energy Placement - Closer to a Do or Die Situation

Ampol's NBIO for Z Energy: May Need More to Go Through

Quiddity Advisors

Event-Driven

Kiwi fuel distributor <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a> has announced it has <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/ZEL/377730/352778.pdf" target="_blank" rel="noopener">received</a> a non-binding indicative acquisition proposal from <a href="https://www.smartkarma.com/entities/ampol-ltd" target="_blank" data-smartkarma-citation="entities:345:1" rel="noopener">Ampol (ALD AU)</a>.
The Offer of NZ$3.78/share, by way of a Scheme, is a 22% premium to the last closing price. According to the announcement, negotiations started at NZ$3.35/share.
As per Ampol's separate <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02410030_PS-2A1317126?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announcement</a>, the Offer price is a 35% premium to the last close on the 26 July, the day prior to the first press speculation of corporate activity. 
The proposal requires a raft of approvals including ZEL's shareholder's approval, and both the New Zealand <a href="https://comcom.govt.nz/" target="_blank" rel="noopener">Commerce Commission</a> and the New Zealand Overseas Investment Office.
Ampol is committed to divesting discount retailer Gull if need be to gain necessary regulatory approvals.
Dividends up to a limit of NZ$0.10/share may be payable depending on when all approvals are secured. 
ZEL is currently not recommending the Offer to shareholders. However:
<blockquote>
this Proposal is subject to further development and evaluation by both parties, the Board supports a period of exclusive engagement with the objective of developing a transaction that would be acceptable to the Board and shareholders. 
</blockquote>
More below the fold.

Kiwi fuel distributor Z Energy Ltd (ZEL NZ) has announced it has received a non-binding indicative acquisition proposal from Ampol (ALD AU).
The Offer of NZ$3.78/share, by way of a Scheme, is a 22% premium to the last closing price. According to the announcement, negotiations started at NZ$3.35/share.
As per Ampol's separate announcement, the Offer price is a 35% premium to the last close on the 26 July, the day prior to the first press speculation of corporate activity. 
The proposal requires a raft of approvals including ZEL's shareholder's approval, and both the New Zealand Commerce Commission and the New Zealand Overseas Investment Office.
Ampol is committed to divesting discount retailer Gull if need be to gain necessary regulatory approvals.
Dividends up to a limit of NZ$0.10/share may be payable depending on when all approvals are secured. 
ZEL is currently not recommending the Offer to shareholders. However:

this Proposal is subject to further development and evaluation by both parties, the Board supports a period of exclusive engagement with the objective of developing a transaction that would be acceptable to the Board and shareholders. 

More below the fold.

Z Energy (ZEL NZ) Tentatively Backs Ampol's Approach