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

<a href="https://www.smartkarma.com/entities/15529" target="_blank" data-smartkarma-citation="entities:15529:1">Mastercard Inc Class A (MA US)</a> has a made a <a href="https://earthport.communisis.website/wp-content/uploads/2019/01/Final-Rule-2.7-Announcement-216406-4-1010-v0.4.pdf" target="_blank">£233mn Offer</a> to take over cross-border payments firm <a href="https://www.smartkarma.com/entities/23493" target="_blank" data-smartkarma-citation="entities:23493:1">Earthport plc (EPO LN)</a>, trumping <a href="https://www.smartkarma.com/entities/8707" target="_blank" data-smartkarma-citation="entities:8707:1">Visa Inc Class A Shares (V US)</a>'s <a href="https://www.earthport.com/wp-content/uploads/2018/12/Project-Edge-Final-Rule-2.7-Announcement-27-December.pdf" target="_blank">offer</a> late last month by 10%.
EPO's board has recommended Mastercard's Offer to its shareholders. Visa's Scheme meeting, initially scheduled for the 21 February, has been adjourned.
Mastercard's £0.33/share offer compares to Visa's <a href="https://www.earthport.com/wp-content/uploads/2018/12/Project-Edge-Final-Rule-2.7-Announcement-27-December.pdf" target="_blank">£0.30/share tilt</a>, and represents a 340% premium over EPO's undisturbed price of £0.075/share.
The Offer is conditional on 75% of EPO's shareholders accepting with 13.08% of shares outstanding in the bag.  Mastercard will move to cancel the shares on AIM if it achieves 75%.
EPO's shares increased to £0.282 following Visa's offer, but currently trades at ~£0.37, 12% above the latest offer, suggesting a higher bid is likely, or at least expected. 
Cross-border payments are an estimated US$30tn business and both credit card giants are registering higher annual growth and billions of dollars in fees. EPO is a drop in the ocean for Mastercard (US$205bn market cap) and Visa (US$297bn).
Arguably this deal could run significantly higher - the question is how desperate these two players are towards buying now as opposed to building.
And it's not just small transactions in the payment industry getting attention, after <a href="https://www.smartkarma.com/entities/4980" target="_blank" data-smartkarma-citation="entities:4980:1">Fiserv Inc (FISV US)</a>'s announcement earlier this month it would merge with <a href="https://www.smartkarma.com/entities/26501" target="_blank" data-smartkarma-citation="entities:26501:1">First Data Corp (FDC US)</a> in a US$22bn transaction, and <a href="https://www.smartkarma.com/entities/4747" target="_blank" data-smartkarma-citation="entities:4747:1">Paypal Holdings (PYPL US)</a>'s US$2.2bn acquisition of Sweden's iZettle last year.

Mastercard Inc Class A (MA US) has a made a £233mn Offer to take over cross-border payments firm Earthport plc (EPO LN), trumping Visa Inc Class A Shares (V US)'s offer late last month by 10%.
EPO's board has recommended Mastercard's Offer to its shareholders. Visa's Scheme meeting, initially scheduled for the 21 February, has been adjourned.
Mastercard's £0.33/share offer compares to Visa's £0.30/share tilt, and represents a 340% premium over EPO's undisturbed price of £0.075/share.
The Offer is conditional on 75% of EPO's shareholders accepting with 13.08% of shares outstanding in the bag.  Mastercard will move to cancel the shares on AIM if it achieves 75%.
EPO's shares increased to £0.282 following Visa's offer, but currently trades at ~£0.37, 12% above the latest offer, suggesting a higher bid is likely, or at least expected. 
Cross-border payments are an estimated US$30tn business and both credit card giants are registering higher annual growth and billions of dollars in fees. EPO is a drop in the ocean for Mastercard (US$205bn market cap) and Visa (US$297bn).
Arguably this deal could run significantly higher - the question is how desperate these two players are towards buying now as opposed to building.
And it's not just small transactions in the payment industry getting attention, after Fiserv Inc (FISV US)'s announcement earlier this month it would merge with First Data Corp (FDC US) in a US$22bn transaction, and Paypal Holdings (PYPL US)'s US$2.2bn acquisition of Sweden's iZettle last year.

Earthport the Winner as Mastercard/Visa Jostle For Position