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

Quiddity Advisors

Event-Driven

On the 2 July 2019, shareholders, including Wong Jun Shyan (ED and CEO), and Lee Hung Min (EVC) - together, the Sellers - <a href="https://links.sgx.com/FileOpen/20190702%20ISEC%20Healthcare%20Ltd%20Holding%20Announcement.ashx?App=Announcement&amp;FileID=566634" target="_blank" rel="noopener">notified</a> <a href="https://www.smartkarma.com/entities/isec-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:1582:1" rel="noopener">Isec Healthcare (ISEC SP)</a>'s board they were at an advanced stage of negotiations with a third party. No pricing was mentioned.
On the 26 August, Isec <a href="https://links.sgx.com/FileOpen/ISEC%20Pre-Conditional%20MGO%2026Aug19.ashx?App=Announcement&amp;FileID=576110" target="_blank" rel="noopener">announced</a> a pre-conditional mandatory cash offer from <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital Group (300015 CH)</a>. Aier had entered into a SPA with the Sellers for a 35% stake in Isec, the completion of which would trigger an MGO for remaining shareholders.
The Sellers' interest in Isec would decline to 23.8% from 58.8% following the successful completion of the SPA.
The indicative Offer price was S$0.36/share, a 10.77% premium to last close (23 August) and a four-year high.
The SPA completed on the 25 October and Isec <a href="https://links.sgx.com/FileOpen/ISEC%20MGO%2025Oct19.ashx?App=Announcement&amp;FileID=583134" target="_blank" rel="noopener">announced</a> a mandatory conditional Offer, with the price remaining at $0.36/share. 
The Offer is conditional on 50% acceptance. Of interest, if 13% of shares out tender and the Offer remains conditional, both  Lee and Wong will tender in 1% each so fulfill the tendering condition. It is Aier's intention to maintain Isec's listing.
The IFA considers the Offer to be Not fair but reasonable. Currently trading at a gross/annualised spread of 1.4%/27.5%, assuming payment mid-December. This deal may just get up.

On the 2 July 2019, shareholders, including Wong Jun Shyan (ED and CEO), and Lee Hung Min (EVC) - together, the Sellers - notified Isec Healthcare (ISEC SP)'s board they were at an advanced stage of negotiations with a third party. No pricing was mentioned.
On the 26 August, Isec announced a pre-conditional mandatory cash offer from Aier Eye Hospital Group (300015 CH). Aier had entered into a SPA with the Sellers for a 35% stake in Isec, the completion of which would trigger an MGO for remaining shareholders.
The Sellers' interest in Isec would decline to 23.8% from 58.8% following the successful completion of the SPA.
The indicative Offer price was S$0.36/share, a 10.77% premium to last close (23 August) and a four-year high.
The SPA completed on the 25 October and Isec announced a mandatory conditional Offer, with the price remaining at $0.36/share. 
The Offer is conditional on 50% acceptance. Of interest, if 13% of shares out tender and the Offer remains conditional, both  Lee and Wong will tender in 1% each so fulfill the tendering condition. It is Aier's intention to maintain Isec's listing.
The IFA considers the Offer to be Not fair but reasonable. Currently trading at a gross/annualised spread of 1.4%/27.5%, assuming payment mid-December. This deal may just get up.

Circular Dispatched For Isec Healthcare's MGO

ISEC Healthcare

Circular Dispatched For Isec Healthcare's MGO