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

Back on the 11 September, shares in Macau gaming service provider <a href="https://www.smartkarma.com/entities/macau-legend-development-ltd" target="_blank" data-smartkarma-citation="entities:16631:1" rel="noopener">Macau Legend Development (1680 HK)</a> ("MLD") were suspended "<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0914/2020091101464.pdf" target="_blank" rel="noopener">pursuant</a> to the Hong Kong Code on Takeovers and Mergers".
The same day, Levo Chan Weng-lin, chief executive of Macau's junket brand Tak Chun Group, bought a 20.65% stake (~US$173mn) according to the HKEx <a href="https://di.hkex.com.hk/di/NSNoticeSSList.aspx?sa2=ns&amp;sid=87469&amp;corpn=Macau+Legend+Development+Ltd.&amp;sd=16/09/2019&amp;ed=16/09/2020&amp;cid=0&amp;sa1=cl&amp;scsd=16%2f09%2f2019&amp;sced=16%2f09%2f2020&amp;sc=1680&amp;src=MAIN&amp;lang=EN&amp;" target="_blank" rel="noopener">disclosures</a>. 
That acquisition has now been clarified with this morning's <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0921/2020092100034.pdf" target="_blank" rel="noopener">announcement</a> that Chan had entered into a SPA on the 11 September with David Chow and Sheldon Trainor De Girolamo, to acquire 20.65% of shares out or 1.280bn shares.
Because of a prior agreement entered into between Chow inter alia, who are collectively known as the Covenantors (holding &gt;51% of shares out), following the completion of the SPA, Chan is deemed to be acting concert with the Covenantors and De Girolamo, and will therefore be obligated to make an unconditional mandatory general offer.
The MGO Price will be HK$1.05/share, the same price Chan paid for his 20.65% stake. That's a 9.34% premium to the last close.
As always, more below the fold.

 Back on the 11 September, shares in Macau gaming service provider Macau Legend Development (1680 HK) ("MLD") were suspended "pursuant to the Hong Kong Code on Takeovers and Mergers".
The same day, Levo Chan Weng-lin, chief executive of Macau's junket brand Tak Chun Group, bought a 20.65% stake (~US$173mn) according to the HKEx disclosures. 
That acquisition has now been clarified with this morning's announcement that Chan had entered into a SPA on the 11 September with David Chow and Sheldon Trainor De Girolamo, to acquire 20.65% of shares out or 1.280bn shares.
Because of a prior agreement entered into between Chow inter alia, who are collectively known as the Covenantors (holding &gt;51% of shares out), following the completion of the SPA, Chan is deemed to be acting concert with the Covenantors and De Girolamo, and will therefore be obligated to make an unconditional mandatory general offer.
The MGO Price will be HK$1.05/share, the same price Chan paid for his 20.65% stake. That's a 9.34% premium to the last close.
As always, more below the fold.

Macau Legend (1680 HK): Mandatory General Offer