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

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<p>After <a href="https://www.smartkarma.com/entities/polytec-asset-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13322:1" rel="noopener">Polytec Asset Holdings (208 HK)</a>'s shares were <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0118/2021011800179.pdf" target="_blank" rel="noopener">suspended</a> ahead of trading on the 18 January "<em>pursuant to The Codes on Takeovers and Mergers which constitute inside information of the Company</em>", Polytec has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0121/2021012101027.pdf" target="_blank" rel="noopener">announced</a> a proposed privatisation by way of Scheme from Intellinsight Holdings Limited, a vehicle wholly-owned by Or Wai Sheun, Polytec's chairman.</p>
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<p>The Offer price is HK$1.50/share, a 61.29% premium to last close, and a 72.55% premium to the average closing price over the previous 30 trading days, and a decade+ high. <strong>The Offer price will not be increased</strong>. No dividend has been declared, nor is one expected to be declared during the Offer period. </p>
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<p>The Offeror - Intellinsight Holdings Limited  - holds 2,389.9mn shares of 53.84% of shares out. Excluding an additional 0.67% of shares out held by concert parties, leaves 2,019.1mn shares or 45.49% of shares out held by Independent shareholders.</p>
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<p>Key Scheme conditions include at least 75% of Independent Shares voting FOR &amp; not more than 10% of the votes attached to ALL the Independent Shares against. Therefore the blocking stake is 201.9mn shares, or 4.549% of shares out. No single shareholder has declared such a stake. No irrevocables have been given.</p>
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<p>The headcount test applies as Polytec is Cayman incorporated. </p>
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<p>This deal looks done.</p>
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<p>As always, more below the fold. </p>
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After Polytec Asset Holdings (208 HK)'s shares were suspended ahead of trading on the 18 January "pursuant to The Codes on Takeovers and Mergers which constitute inside information of the Company", Polytec has now announced a proposed privatisation by way of Scheme from Intellinsight Holdings Limited, a vehicle wholly-owned by Or Wai Sheun, Polytec's chairman.


The Offer price is HK$1.50/share, a 61.29% premium to last close, and a 72.55% premium to the average closing price over the previous 30 trading days, and a decade+ high. The Offer price will not be increased. No dividend has been declared, nor is one expected to be declared during the Offer period. 

The Offeror - Intellinsight Holdings Limited  - holds 2,389.9mn shares of 53.84% of shares out. Excluding an additional 0.67% of shares out held by concert parties, leaves 2,019.1mn shares or 45.49% of shares out held by Independent shareholders.


Key Scheme conditions include at least 75% of Independent Shares voting FOR &amp; not more than 10% of the votes attached to ALL the Independent Shares against. Therefore the blocking stake is 201.9mn shares, or 4.549% of shares out. No single shareholder has declared such a stake. No irrevocables have been given.


The headcount test applies as Polytec is Cayman incorporated. 


This deal looks done.


As always, more below the fold. 


Polytec Asset (208 HK): Offer By Way Of A Scheme