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

Car Inc (699 HK):  Are We Missing Anything?

Car Inc (699 HK):  No, We Are Not Missing Anything

Quiddity Advisors

Event-Driven

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<p>There were some anxious moments after China's State Administration for Market Regulation (SAMR) <a href="http://www.samr.gov.cn/fldj/ajgs/jzjyajgs/202011/t20201125_323881.html" target="_blank" rel="noopener">announced</a> on the 25 November it was reviewing the MBK/ <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Car Inc (699 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1113/2020111301538.pdf" target="_blank" rel="noopener">deal</a> as a simple case  - then promptly took near-on sixty day to assess the transaction rather than the "normal" 30 days. But Car <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0125/2021012501159.pdf" target="_blank" rel="noopener">announced</a> on 25 January the pre-conditions had been fulfilled and the Composite Document would be despatched on or before 29 January. </p>
<p>That despatch was pushed to the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0129/2021012901138.pdf" target="_blank" rel="noopener">1 February</a>, and now the Doc is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0131/2021013100161.pdf" target="_blank" rel="noopener">out</a>. </p>
<p>The First Closing Date is the 22 February. The IFA (Halcyon) says "fair &amp; reasonable."</p>
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<p>The Offer is subject to a 50% tendering condition - with MBK holding 47.43% at the completion of its SPA with UCAR, together with irrevocables. Warburg/Amber, holding 4.96% at last count, is a seller. This is done.</p>
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<p>More thoughts below the fold.</p>
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There were some anxious moments after China's State Administration for Market Regulation (SAMR) announced on the 25 November it was reviewing the MBK/ Car Inc (699 HK) deal as a simple case  - then promptly took near-on sixty day to assess the transaction rather than the "normal" 30 days. But Car announced on 25 January the pre-conditions had been fulfilled and the Composite Document would be despatched on or before 29 January. 
That despatch was pushed to the 1 February, and now the Doc is out. 
The First Closing Date is the 22 February. The IFA (Halcyon) says "fair &amp; reasonable."


The Offer is subject to a 50% tendering condition - with MBK holding 47.43% at the completion of its SPA with UCAR, together with irrevocables. Warburg/Amber, holding 4.96% at last count, is a seller. This is done.


More thoughts below the fold.


National United Resources Holdings (254 HK)

Car (699 HK): Doc Out. IFA Says Fair. Done Deal