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

Quiddity Advisors

Event-Driven

<ul>
<li>This morning (6th Jan), <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> (SDI) <a href="https://announcements.asx.com.au/asxpdf/20260106/pdf/06tzv9t8w6g7pg.pdf" target="_blank" rel="noopener">confirmed</a> they have submitted an 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>The Kerry Stokes-backed SGH and SDI are offering A$30/share, a 27% premium to undisturbed. And ~18.6x and 9.5x FY25 EV/EBIT and FY25 EV/EBITDA. </li>
<li>Regulatory clearance should include FIRB and (perhaps) ACCC. SGH's entrance should smooth over these conditions.</li>
</ul>


This morning (6th Jan), SGH Limited (SGH AU) and Steel Dynamics (STLD US) (SDI) confirmed they have submitted an NBIO for Bluescope Steel (BSL AU), Australia’s largest steel manufacturer.
The Kerry Stokes-backed SGH and SDI are offering A$30/share, a 27% premium to undisturbed. And ~18.6x and 9.5x FY25 EV/EBIT and FY25 EV/EBITDA. 
Regulatory clearance should include FIRB and (perhaps) ACCC. SGH's entrance should smooth over these conditions.


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