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 26 years of covering Asia Pacific equities, the past 20 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

Cha Partners Demands Higher Shareholder Returns from Refine Co

Tender Offer of a 30% Stake in Refine Co by Stonebridge Capital and LS Securities

Quiddity Advisors

Event-Driven

<ul>
<li>SPV Realty Fine (formed by Stonebridge Capital and <a href="https://www.smartkarma.com/entities/ls-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:18895:1" rel="noopener">LS Securities (078020 KS)</a>) have launched a Tender Offer to acquire 30% of <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine (377450 KS)</a>, a B2B real estate risk/document-checking outfit. </li>
<li>Realty Fine is offering ₩17,600/share, a 30% premium to undisturbed, but below Realty Fine's 1Q25 ₩27,159/share acquisition to secure control. This process is not lost on activist Must Asset Management.</li>
<li>A successful Tender offer will increased Realty Fine's stake in Refine to 77.96%. All shares tendered will be acquired. Realty Fine (unusually?) intends to maintain Refine's listing. </li>
</ul>


SPV Realty Fine (formed by Stonebridge Capital and LS Securities (078020 KS)) have launched a Tender Offer to acquire 30% of Refine (377450 KS), a B2B real estate risk/document-checking outfit. 
Realty Fine is offering ₩17,600/share, a 30% premium to undisturbed, but below Realty Fine's 1Q25 ₩27,159/share acquisition to secure control. This process is not lost on activist Must Asset Management.
A successful Tender offer will increased Realty Fine's stake in Refine to 77.96%. All shares tendered will be acquired. Realty Fine (unusually?) intends to maintain Refine's listing. 


Refine (377450 KS): Stonebridge/LS Securities' Egregious Offer

Refine Co Ltd

Refine (377450 KS): Stonebridge/LS Securities' Egregious Offer