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): KKR/Challenger's NBIO

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 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> confirmed 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> had submitted an NBIO by way of a Scheme.</li>
<li>KKR/CGF offered A$2.60/share, a 47.7% premium to undisturbed, and ~1.49x P/B (based on 1H25 numbers). KKR currently holds 60.34%.</li>
<li>Domestic peers are down 11% since the NBIO was announced. Global peers are down even more. KKR/CGR have reduced the NBIO by 13.5% to $2.25/share (including dividends). Best &amp; final.</li>
</ul>


Back on the 9th Feb, leading non-bank lender Pepper Money (PPM AU) confirmed KKR and Challenger Ltd (CGF AU) had submitted an NBIO by way of a Scheme.
KKR/CGF offered A$2.60/share, a 47.7% premium to undisturbed, and ~1.49x P/B (based on 1H25 numbers). KKR currently holds 60.34%.
Domestic peers are down 11% since the NBIO was announced. Global peers are down even more. KKR/CGR have reduced the NBIO by 13.5% to $2.25/share (including dividends). Best &amp; final.


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