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

Metlifecare's Full-Year Results: MACs (Probably) Not Triggered

Quiddity Advisors

Event-Driven

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<p>Late last week, the High Court hearing to sanction <a href="https://www.smartkarma.com/entities/metlifecare-ltd" target="_blank" data-smartkarma-citation="entities:19219:1" rel="noopener">Metlifecare Ltd (MET NZ)</a>'s Scheme was <a href="https://www.metlifecare.co.nz/wp-content/uploads/2020/10/NZX-Release-_Scheme-Update-Court-deferral_141020.pdf" target="_blank" rel="noopener">delayed</a> from the 15 October until the 20 October. The deferral was a consequence of the Takeovers Panel <a href="https://www.metlifecare.co.nz/wp-content/uploads/2020/10/NZX-Release-TKP-131020-2.pdf" target="_blank" rel="noopener">delaying</a> its decision (on the 13th October) on whether to issue a ‘no objection’ statement.</p>
<p>"<em>The deferrals (had) been caused by the lodgement of a Notice of Opposition to the Scheme by a Metlifecare shareholder and will result in a consequential delay to the Scheme timetable. In the event that final Court orders are granted in the middle of next week, the implementation date would consequentially be 3 November 2020</em>."</p>
<p>The opposing shareholder was ResIL Investments Limited, holder of 1,000 shares and 7,000 retail bonds, who considered the information MET provided to its shareholders in the Scheme Booklet was inadequate and/or misleading and incorrect.</p>
<p>Yesterday, the Panel gave a "no objection" <a href="https://www.metlifecare.co.nz/wp-content/uploads/2020/10/Announcement_re_Takeovers_Panel__no_objection__letter.pdf" target="_blank" rel="noopener">statement</a>. The Court does not necessarily rely on this statement - but it usually does. ResIL subsequently <a href="https://www.metlifecare.co.nz/wp-content/uploads/2020/10/110b.-Scheme-Update-Withdrawal-of-Notice.pdf" target="_blank" rel="noopener">withdrew</a> its opposition.</p>
<p>Today the High Court <a href="https://www.metlifecare.co.nz/wp-content/uploads/2020/10/111b.-Scheme-Receives-Final-Court-Approval.pdf" target="_blank" rel="noopener">issued</a> final orders in respect of the Scheme.  Done &amp; dusted - with shares suspended from trading at the close of the 23 October.</p>
<p>The <a href="https://www.metlifecare.co.nz/wp-content/uploads/2020/10/111c.-High-Court-Judgment.pdf" target="_blank" rel="noopener">judgment</a> makes for concise, informative reading, should a situation such as this arise in the future.</p>
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<p>As always, more below the fold.</p>
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Late last week, the High Court hearing to sanction Metlifecare Ltd (MET NZ)'s Scheme was delayed from the 15 October until the 20 October. The deferral was a consequence of the Takeovers Panel delaying its decision (on the 13th October) on whether to issue a ‘no objection’ statement.
"The deferrals (had) been caused by the lodgement of a Notice of Opposition to the Scheme by a Metlifecare shareholder and will result in a consequential delay to the Scheme timetable. In the event that final Court orders are granted in the middle of next week, the implementation date would consequentially be 3 November 2020."
The opposing shareholder was ResIL Investments Limited, holder of 1,000 shares and 7,000 retail bonds, who considered the information MET provided to its shareholders in the Scheme Booklet was inadequate and/or misleading and incorrect.
Yesterday, the Panel gave a "no objection" statement. The Court does not necessarily rely on this statement - but it usually does. ResIL subsequently withdrew its opposition.
Today the High Court issued final orders in respect of the Scheme.  Done &amp; dusted - with shares suspended from trading at the close of the 23 October.
The judgment makes for concise, informative reading, should a situation such as this arise in the future.

As always, more below the fold.






Metlifecare: Scheme Sanctioned. Potential Bad Precedent Averted