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

Pepper Money (PPM AU)'s Board Should Accept The New Reality

Quiddity Advisors

Event-Driven

<ul>
<li>This morning (9th Feb), leading non-bank lender <strong><a href="https://www.smartkarma.com/entities/pepper-money-ltd-australia" target="_blank" data-smartkarma-citation="entities:24157:1" rel="noopener">Pepper Money (PPM AU)</a>  </strong><a href="https://announcements.asx.com.au/asxpdf/20260209/pdf/06w2xl642f3455.pdf" target="_blank" rel="noopener">confirmed</a> KKR and <strong><a href="https://www.smartkarma.com/entities/challenger-ltd" target="_blank" data-smartkarma-citation="entities:16870:1" rel="noopener">Challenger Ltd (CGF AU)</a></strong> have submitted an NBIO by way of a Scheme.</li>
<li>KKR/CGF are offering A$2.60/share, a 47.7% premium to undisturbed. And ~1.49x P/B (based on 1H25 numbers). KKR currently holds <a href="https://announcements.asx.com.au/asxpdf/20250411/pdf/06hncksdd9ldxh.pdf" target="_blank" rel="noopener">60.34%</a>.  </li>
<li>CGF announced it would hold no more than 25% in Pepper Money, if delisted. CGF is down 3.6%. </li>
</ul>


This morning (9th Feb), leading non-bank lender Pepper Money (PPM AU)  confirmed KKR and Challenger Ltd (CGF AU) have submitted an NBIO by way of a Scheme.
KKR/CGF are offering A$2.60/share, a 47.7% premium to undisturbed. And ~1.49x P/B (based on 1H25 numbers). KKR currently holds 60.34%.  
CGF announced it would hold no more than 25% in Pepper Money, if delisted. CGF is down 3.6%. 


Pepper Money (PPM AU): KKR/Challenger's NBIO