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

Rivera (281 HK): Scheme Or Face Delisting

Quiddity Advisors

Event-Driven

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Back on the 18 January, sometimes property developer <a href="https://www.smartkarma.com/entities/rivera-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16102:1" rel="noopener">Rivera Holdings (281 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0118/2021011801106.pdf" target="_blank" rel="noopener">announced</a> a proposed privatisation by way of a Scheme. Scheme shares will be cancelled in exchange for $0.65/share cash, a 62.5% premium to last close. The Offer Price will not be increased.
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The big twist here is that the Hong Kong Stock Exchange <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0118/2021011801108.pdf" target="_blank" rel="noopener">reached a decision</a> the same day as the proposal that Rivera has "failed to carry out a business with a sufficient level of operations and assets of sufficient value". 
In a nutshell, if the Scheme does not carry, then shares will be suspended. 
So, there's that. Plus it's a low-ball Offer. But really, what are your alternatives?
The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0629/2021062901040.pdf" target="_blank" rel="noopener">out</a>. The Scheme Meeting is the 23 July. Payment is expected on the 30 August.
More below the fold.


Back on the 18 January, sometimes property developer Rivera Holdings (281 HK) announced a proposed privatisation by way of a Scheme. Scheme shares will be cancelled in exchange for $0.65/share cash, a 62.5% premium to last close. The Offer Price will not be increased.

The big twist here is that the Hong Kong Stock Exchange reached a decision the same day as the proposal that Rivera has "failed to carry out a business with a sufficient level of operations and assets of sufficient value". 
In a nutshell, if the Scheme does not carry, then shares will be suspended. 
So, there's that. Plus it's a low-ball Offer. But really, what are your alternatives?
The Scheme Doc is now out. The Scheme Meeting is the 23 July. Payment is expected on the 30 August.
More below the fold. 

Rivera (281 HK): Limited Options As Scheme Meeting Firmed