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 26 years of covering Asia Pacific equities, the past 20 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

Golfzon Holdings (121440 KS): More Egregiousness As SJ Investment Reloads

Golfzon Holdings (121440 KS): This Is A Buy And Hold

Terton Capital Goes Activist on Golfzon Holdings

Golfzon Newdin - Consolidation of Golf Course Industry in Korea Likely to Re-Rate the Company HIgher

Market Analysis of Golf Course Industry in Korea: Implications for MBK & Golfzon Newdin JV

Quiddity Advisors

Event-Driven

<ul>
<li>On the 29th June, <strong><a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a></strong>'s largest shareholder Kim Won-il launched a tender offer for the remaining 36.15% of Golfzon he doesn't own, at ₩6,700/share, a 57.55% premium.</li>
<li>At 0.35x P/B, where "B" primarily comprises an entity holding golf courses, currently mid-sale, there is evident (&amp; unsurprising) pushback, including from activist Terton, holding an estimated 3%. </li>
<li>The Offer closed yesterday (5th August) with management unflinchingly supporting terms, backed up by a derisory evaluation opinion. 95% squeeze-out appears tenuous. So now what?</li>
</ul>


On the 29th June, Golfzon Holdings (121440 KS)'s largest shareholder Kim Won-il launched a tender offer for the remaining 36.15% of Golfzon he doesn't own, at ₩6,700/share, a 57.55% premium.
At 0.35x P/B, where "B" primarily comprises an entity holding golf courses, currently mid-sale, there is evident (&amp; unsurprising) pushback, including from activist Terton, holding an estimated 3%. 
The Offer closed yesterday (5th August) with management unflinchingly supporting terms, backed up by a derisory evaluation opinion. 95% squeeze-out appears tenuous. So now what?


Golfzon Holdings (121440 KS): Egregious MBO Closes. This Is Not Over