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

Bingo Industries (BIN AU): Scheme Booklet Out. EGM Tabled

Bingo Industries (BIN AU): CPE/MIRA's Scavenger Hunt

Bingo Industries (ASX: BIN): Talking Trash

Bingo Industries IPO - Recycling Its Acquisitions

Quiddity Advisors

Event-Driven

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<p>Back on the 19 January, <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>  <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02331570-2A1275617?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unsolicited, highly conditional, non-binding, indicative proposal, from funds advised by CPE Capital (CPEC), which includes Macquarie Group’s infrastructure arm Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme, with an indicative cash price of $3.50/share. The proposal referenced a scrip alternative that would provide shareholders with the option of a mix of cash and scrip at a lower upfront price than a simple cash option.</p>
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<p>On the 23rd of April, Bingo <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02366368-2A1294059?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">said</a> CPEC and MIRA had completed its due diligence, and that while commercial discussions are well-advanced, there could be no assurance that any transaction will result from these discussions.</p>
<h3>The New News</h3>
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<p>Bingo <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02367278-2A1294514?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> this morning it has entered into Scheme with MIRA in a A$2.3bn (US$1.7bn) deal. Shareholders have the option to receive either A$3.45/share in cash for each share held, or a mix of cash and unlisted stock.</p>
<p>Bingo also intends to declare a fully franked special dividend of up to A$0.117/share, to be paid on or before the implementation of the Scheme. The consideration under the Scheme will be net of this dividend.</p>
<p>This looks done.</p>
<p>More below the fold.</p>
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Back on the 19 January, Bingo Industries (BIN AU)  announced an unsolicited, highly conditional, non-binding, indicative proposal, from funds advised by CPE Capital (CPEC), which includes Macquarie Group’s infrastructure arm Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme, with an indicative cash price of $3.50/share. The proposal referenced a scrip alternative that would provide shareholders with the option of a mix of cash and scrip at a lower upfront price than a simple cash option.


On the 23rd of April, Bingo said CPEC and MIRA had completed its due diligence, and that while commercial discussions are well-advanced, there could be no assurance that any transaction will result from these discussions.
The New News


Bingo announced this morning it has entered into Scheme with MIRA in a A$2.3bn (US$1.7bn) deal. Shareholders have the option to receive either A$3.45/share in cash for each share held, or a mix of cash and unlisted stock.
Bingo also intends to declare a fully franked special dividend of up to A$0.117/share, to be paid on or before the implementation of the Scheme. The consideration under the Scheme will be net of this dividend.
This looks done.
More below the fold.


Bingo Industries (BIN AU): Macquarie Cleans Up