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

Cardinal Resources: Nordgold's "Competing Offer"

Cardinal Resources: Shandong's Indicative Bump

Quiddity Advisors

Event-Driven

<p>A little under an hour after Nord Gold announced it had <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02326509-6A1014166?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">closed its Offer</a> - citing the indicative $1.075/share Offer from <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-61153493-5437-47ee-a8d3-aec41fb7f1da" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining Co., Ltd. (1787 HK)</a> was beyond what it could justify - Dongshan, an Emirati-Russian JV, <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02326574-6A1014186?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> its intention to make an off-market cash bid for <a href="https://www.smartkarma.com/entities/cardinal-resources-ltd" target="_blank" data-smartkarma-citation="entities:12256:1" rel="noopener">Cardinal Resources (CDV AU)</a> at A$1.20/share. a 12% premium to Shandong's current offer of A$1.075/share.  </p>
<p>Dongshan's Offer is subject to:</p>
<ul>
<li>Dongshan obtaining a relevant interest of 50.1%;</li>
<li>FIRB, Ghana approvals;</li>
<li>Dongshan securing committed financing'; and</li>
<li>Project due diligence.</li>
</ul>
<p>Cardinal advises shareholders to take no action at this time. This is as yet an indicative, highly conditional Offer, not a firm proposal.</p>
<p>More below the fold.</p>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/179/984/original/image_78183222561608782971156.png?1608782971" class="editor-image img-responsive" data-smartkarma-image-id="179984"></figure>
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<h3>Past insights on Cardinal:</h3>
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<table class="table table-striped">
<tbody>
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<td style="width: 218.75px;">
<h3>Date</h3>
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<td style="width: 484.782px;">
<h3>Insight</h3>
</td>
</tr>
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<td style="width: 218.75px;">22-Jun-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/sVxVB" target="_blank" rel="noopener">Shandong's Competing Offer For Cardinal</a></em></td>
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<td style="width: 218.75px;">15-Jul-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/E1Wgv" target="_blank" rel="noopener">Cardinal Resource (CDV AU): Nordgold Reloads</a></em></td>
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<td style="width: 218.75px;">23-Jul-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/tVkqj" target="_blank" rel="noopener">Cardinal Resource (CDV AU): Shandong Reloads, But Not A Knockout Offer</a></em></td>
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<td style="width: 218.75px;">2-Sep-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/eGXfx" target="_blank" rel="noopener">Cardinal Resources (CDV AU): Nordgold's Knockout Offer. Read more:</a></em></td>
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<td style="width: 218.75px;">7-Sep-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/4gYtj" target="_blank" rel="noopener">Cardinal Resources (CDV AU): Shandong Trumps Nordgold’s Knockout Offer</a></em></td>
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<td style="width: 218.75px;">22-Oct-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/3cYHs" target="_blank" rel="noopener">Cardinal Resources: Nordgold's "Competing Offer"</a></em></td>
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<td style="width: 218.75px;">25-Nov-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/o176q" target="_blank" rel="noopener">Cardinal Resources: Three's A Crowd</a></em></td>
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<td style="width: 218.75px;">23-Dec-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/DK1qv" target="_blank" rel="noopener">Cardinal Resources: Shandong's Indicative Bump</a></em></td>
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A little under an hour after Nord Gold announced it had closed its Offer - citing the indicative $1.075/share Offer from Shandong Gold Mining Co., Ltd. (1787 HK) was beyond what it could justify - Dongshan, an Emirati-Russian JV, announced its intention to make an off-market cash bid for Cardinal Resources (CDV AU) at A$1.20/share. a 12% premium to Shandong's current offer of A$1.075/share.  
Dongshan's Offer is subject to:

Dongshan obtaining a relevant interest of 50.1%;
FIRB, Ghana approvals;
Dongshan securing committed financing'; and
Project due diligence.

Cardinal advises shareholders to take no action at this time. This is as yet an indicative, highly conditional Offer, not a firm proposal.
More below the fold.






Past insights on Cardinal:









Date


Insight



22-Jun-20
Shandong's Competing Offer For Cardinal


15-Jul-20
Cardinal Resource (CDV AU): Nordgold Reloads


23-Jul-20
Cardinal Resource (CDV AU): Shandong Reloads, But Not A Knockout Offer


2-Sep-20
Cardinal Resources (CDV AU): Nordgold's Knockout Offer. Read more:


7-Sep-20
Cardinal Resources (CDV AU): Shandong Trumps Nordgold’s Knockout Offer


22-Oct-20
Cardinal Resources: Nordgold's "Competing Offer"


25-Nov-20
Cardinal Resources: Three's A Crowd


23-Dec-20
Cardinal Resources: Shandong's Indicative Bump







Cardinal Resources (CDV AU). Exit Nord Gold, Enter Dongshan.