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

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<p>Tomorrow is the Court Meeting (12 p.m.) for <a href="https://www.smartkarma.com/entities/li-fung-ltd" target="_blank" data-smartkarma-citation="entities:6290:1" rel="noopener">Li &amp; Fung Ltd (494 HK)</a>, which means today is potentially the last day to trade shares ahead of the shareholder vote outcome. </p>
<p>Shares may or may not be suspended ahead of the vote.</p>
<p><a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a> was belatedly <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2018/1101/ltn201811019993.htm" target="_blank" rel="noopener">suspended</a> at 11.37AM - the Court Meeting started at 10.30AM. None of <a href="https://www.smartkarma.com/entities/china-power-clean-energy-dev" target="_blank" data-smartkarma-citation="entities:17653:1" rel="noopener">China Power New Energy Development Co (735 HK)</a>, <a href="https://www.smartkarma.com/entities/harbin-electric-co-ltd-h" target="_blank" data-smartkarma-citation="entities:11116:1" rel="noopener">Harbin Electric Co Ltd H (1133 HK)</a>, <a href="https://www.smartkarma.com/entities/hong-kong-aircraft-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:3310:1" rel="noopener">HAECO (44 HK)</a> or <a href="https://www.smartkarma.com/entities/hopewell-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2283:1" rel="noopener">Hopewell Holdings (54 HK)</a> (amongst others), were suspended at all.</p>
<p>Since the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0419/2020041900047.pdf" target="_blank" rel="noopener">despatch</a> of the Scheme Document on 19 April, proxy advisors Glass Lewis and ISS have given the deal the green light; and Edgbaston has consistently, and continually, pared down its holding, and it would be no surprise if the next SFC disclosure filing from Silchester indicates a complete exit by Edgbaston.</p>
<p>Silchester has maintained its direct 10.9% holding since the Offer was announced, and has offered up little in the way of how it will vote, apart from the previous comments that it was open to bids for shares Silchester controls at close to the offer price.</p>
<p>Should the Scheme be successful, the effective date is expected to be on the 26 May with cash payment on or before the 4 June. </p>
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<p>Currently trading at a gross/annualised spread of 8.7%/255%, having widened in the afternoon session. The downside, should the deal break, is horrendous. But on balance, the macroeconomic uncertainties in a post-COVID-19 world would suggest the Offer is price attractively for investors seeking an exit.</p>
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Tomorrow is the Court Meeting (12 p.m.) for Li &amp; Fung Ltd (494 HK), which means today is potentially the last day to trade shares ahead of the shareholder vote outcome. 
Shares may or may not be suspended ahead of the vote.
Guoco Group Ltd (53 HK) was belatedly suspended at 11.37AM - the Court Meeting started at 10.30AM. None of China Power New Energy Development Co (735 HK), Harbin Electric Co Ltd H (1133 HK), HAECO (44 HK) or Hopewell Holdings (54 HK) (amongst others), were suspended at all.
Since the despatch of the Scheme Document on 19 April, proxy advisors Glass Lewis and ISS have given the deal the green light; and Edgbaston has consistently, and continually, pared down its holding, and it would be no surprise if the next SFC disclosure filing from Silchester indicates a complete exit by Edgbaston.
Silchester has maintained its direct 10.9% holding since the Offer was announced, and has offered up little in the way of how it will vote, apart from the previous comments that it was open to bids for shares Silchester controls at close to the offer price.
Should the Scheme be successful, the effective date is expected to be on the 26 May with cash payment on or before the 4 June. 


Currently trading at a gross/annualised spread of 8.7%/255%, having widened in the afternoon session. The downside, should the deal break, is horrendous. But on balance, the macroeconomic uncertainties in a post-COVID-19 world would suggest the Offer is price attractively for investors seeking an exit.





China Power New Energy Development Co (735 HK)

Li & Fung: Nervous Action Ahead of Scheme Vote