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

Canberra-based IT services outfit <a href="https://www.smartkarma.com/entities/citadel-group-ltd-the" target="_blank" data-smartkarma-citation="entities:14087:1" rel="noopener">Citadel Group (CGL AU)</a> ("CGL") has <a href="https://www.asx.com.au/asxpdf/20200914/pdf/44mlw685ylw63q.pdf" target="_blank" rel="noopener">entered</a> into a Scheme with Private Equity Partners (PEP).
The unsolicited cash consideration of A$5.70/share is a 43.2% premium to the last close of A$3.98/share. A scrip alternative will be made available. The proposal values CGL's equity at A$448.6mn  (US$327mn). 
It is the intention of CGL's board to declare a fully franked special dividend of up to A$0.15/share on or shortly before the Scheme implementation date, which theoretically could enable some shareholders to receive up to A0.064/share additional benefit. The cash consideration will be reduced by the special dividend.
The fully franked final dividend of <a href="https://www.asx.com.au/asxpdf/20200827/pdf/44lzffp3ndkqqh.pdf" target="_blank" rel="noopener">A$.06/share</a>, to be paid on the 1 October - for those shareholders who were on the register as at 3 September - is also added.
Apart from standard Scheme shareholder approvals, the Offer has limited conditionality - it is not subject to due diligence nor any funding condition. 
Currently trading at a gross/annualised spread of 2.4%/9.4%, assuming mid-late December completion.
As always, more below the fold.

Canberra-based IT services outfit Citadel Group (CGL AU) ("CGL") has entered into a Scheme with Private Equity Partners (PEP).
The unsolicited cash consideration of A$5.70/share is a 43.2% premium to the last close of A$3.98/share. A scrip alternative will be made available. The proposal values CGL's equity at A$448.6mn  (US$327mn). 
It is the intention of CGL's board to declare a fully franked special dividend of up to A$0.15/share on or shortly before the Scheme implementation date, which theoretically could enable some shareholders to receive up to A0.064/share additional benefit. The cash consideration will be reduced by the special dividend.
The fully franked final dividend of A$.06/share, to be paid on the 1 October - for those shareholders who were on the register as at 3 September - is also added.
Apart from standard Scheme shareholder approvals, the Offer has limited conditionality - it is not subject to due diligence nor any funding condition. 
Currently trading at a gross/annualised spread of 2.4%/9.4%, assuming mid-late December completion.
As always, more below the fold.

Citadel Group: Private Equity Partners' Offer