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

The Magang/Angang Pair Trade Is Preferable To The MGO

Maanshan's Offer Likely To Turn Unconditional

Quiddity Advisors

Event-Driven

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<p>In my note last Friday (<em><a href="https://skr.ma/3tGn5" target="_blank" rel="noopener">Maanshan's Offer Likely To Turn Unconditional</a></em>), recent CCASS movements indicated the Offer for <a href="https://www.smartkarma.com/entities/maanshan-iron-steel-h" target="_blank" data-smartkarma-citation="entities:204:1" rel="noopener">Maanshan Iron &amp; Steel H (323 HK)</a> would turn unconditional. It's now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1028/2019102800747.pdf" target="_blank" rel="noopener">official</a>.</p>
<p>As at 28 October 2019, 376,870,967 H shares have tendered, representing ~21.9% of the H-shares and ~4.89% of the total issued share capital of Maanshan, taking the Offeror's stake to 50.43% of the total issued shares (both A &amp; H). The Offer has become unconditional in all respects.</p>
<p>This tendering probably includes PSquared 7.41% stake it held as at <a href="https://di.hkex.com.hk/di/NSForm2.aspx?fn=CS20191021E00393&amp;sa2=ns&amp;sid=564&amp;corpn=Maanshan+Iron+%26+Steel+Co.+Ltd.++-+H+Shares&amp;sd=25%2f10%2f2018&amp;ed=25%2f10%2f2019&amp;cid=2&amp;sa1=cl&amp;scsd=25%2f10%2f2018&amp;sced=25%2f10%2f2019&amp;sc=323&amp;src=MAIN&amp;lang=EN&amp;" target="_blank" rel="noopener">16 October</a>, but that is now immaterial.</p>
<p>The Offer has been extended until the 11th November, 14 days from the unconditional date.</p>
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<p>Pursuant to Rule 15.1 and Rule 15.3 of the Takeovers Code, the Offer must remain open for acceptances for at least 14 days after the Offer becomes or is declared unconditional (whether as to acceptances or in all respects), but in any case for at least 21 days following the date on which the Composite Document is posted. <em>Page 3 of the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1028/2019102800747.pdf" target="_blank" rel="noopener">announcement</a></em></p>
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<p>The consideration under the Offer will be paid "<em>within 7 Business Days following the later of the date on which the Offer becomes, or is declared, unconditional and the date of receipt by the Registrar"</em>.</p>
<p>Shares closed yesterday at $2.96/share against the Offer consideration of $2.97. Shares were changing hands last Friday at $2.94.</p>
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In my note last Friday (Maanshan's Offer Likely To Turn Unconditional), recent CCASS movements indicated the Offer for Maanshan Iron &amp; Steel H (323 HK) would turn unconditional. It's now official.
As at 28 October 2019, 376,870,967 H shares have tendered, representing ~21.9% of the H-shares and ~4.89% of the total issued share capital of Maanshan, taking the Offeror's stake to 50.43% of the total issued shares (both A &amp; H). The Offer has become unconditional in all respects.
This tendering probably includes PSquared 7.41% stake it held as at 16 October, but that is now immaterial.
The Offer has been extended until the 11th November, 14 days from the unconditional date.

Pursuant to Rule 15.1 and Rule 15.3 of the Takeovers Code, the Offer must remain open for acceptances for at least 14 days after the Offer becomes or is declared unconditional (whether as to acceptances or in all respects), but in any case for at least 21 days following the date on which the Composite Document is posted. Page 3 of the announcement

The consideration under the Offer will be paid "within 7 Business Days following the later of the date on which the Offer becomes, or is declared, unconditional and the date of receipt by the Registrar".
Shares closed yesterday at $2.96/share against the Offer consideration of $2.97. Shares were changing hands last Friday at $2.94.



























Maanshan Iron & Steel H

Maanshan’s Offer Turns Unconditional