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 26 years of covering Asia Pacific equities, the past 20 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

Bluescope Steel (BSL AU): Kerry Stokes-Backed SGH's NBIO Needs More Gruel

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 6th January, Kerry Stokes-backed <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> and <a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a><a href="https://announcements.asx.com.au/asxpdf/20260106/pdf/06tzv9t8w6g7pg.pdf" target="_blank" rel="noopener">submitted</a> an A$0.30/share cash NBIO for <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">BlueScope Steel (BSL AU)</a>, Australia’s largest steel manufacturer.</li>
<li>BlueScope summarily rejected terms, stating the Offer "very significantly undervalues" the company. SGH/SDI have now <a href="https://announcements.asx.com.au/asxpdf/20260218/pdf/06wflzg212dlgh.pdf" target="_blank" rel="noopener">returned with a $32.35/share</a> (best &amp; final) NBIO - $34/share when including A$1.65/share in dividends.</li>
<li>That's a A$15bn bid. Exclusive due diligence is sought. AusSuper, with 13.5% of shares out, holds the key. No scrip alternative is afforded. My guess is AusSuper is not supportive.</li>
</ul>


Back on the 6th January, Kerry Stokes-backed SGH Limited (SGH AU) and Steel Dynamics (STLD US)submitted an A$0.30/share cash NBIO for BlueScope Steel (BSL AU), Australia’s largest steel manufacturer.
BlueScope summarily rejected terms, stating the Offer "very significantly undervalues" the company. SGH/SDI have now returned with a $32.35/share (best &amp; final) NBIO - $34/share when including A$1.65/share in dividends.
That's a A$15bn bid. Exclusive due diligence is sought. AusSuper, with 13.5% of shares out, holds the key. No scrip alternative is afforded. My guess is AusSuper is not supportive.


BlueScope (BSL AU): SGH And SDI's Latest NBIO - What Say You AusSuper?