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

Soilbuild REIT: Scheme Doc Out. EGM Convened

Soilbuild Preferential Offer Gets You The Highest Industrial REIT Dividend

Quiddity Advisors

Event-Driven

Soilbuild Business Space REIT / Event-Driven

Soilbuild Business Space REIT (SBREIT SP)

Back on the <a href="https://links.sgx.com/FileOpen/SBREIT_Holding%20announcement.ashx?App=Announcement&amp;FileID=630548" target="_blank" rel="noopener">4 September</a>, <a href="https://www.smartkarma.com/entities/soilbuild-business-space-reit" target="_blank" data-smartkarma-citation="entities:13446:1" rel="noopener">Soilbuild Business Space REIT (SBREIT SP)</a> announced the Lim family (led by executive chairman Lim Chap Huat (LCH)), which holds 30.3% in the REIT, had entered into a non-binding term sheet in relation to a possible transaction.
Soilbuild has now <a href="https://links.sgx.com/FileOpen/SB%20REIT%20-%20Joint%20Announcement.ashx?App=Announcement&amp;FileID=642238" target="_blank" rel="noopener">announced</a> a proposal from LCH and Blackstone Real Estate to take the company private at S$0.55/unit,  a 34.5%, 34.8%, 53.2%, and 29.1% premium over the one-month, three-month, six-month, and 12-month VWAP.
The Offer price implies a price to adjusted NAV of 0.98x-1.00x, above Soilbuild's historical averages. 
In tandem with the Scheme, Soilbuild has also entered into an agreement with Blackstone affiliates to dispose of its Australian assets. The disposal is inter-conditional with the Scheme.
Should all go to plan - and pricing looks fair - Soilbuild is expected to be delisted in early April. 
More below the fold.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/178/244/original/image_73570893321607923186481.png?1607923186" class="editor-image img-responsive" data-smartkarma-image-id="178244"></figure>

Back on the 4 September, Soilbuild Business Space REIT (SBREIT SP) announced the Lim family (led by executive chairman Lim Chap Huat (LCH)), which holds 30.3% in the REIT, had entered into a non-binding term sheet in relation to a possible transaction.
Soilbuild has now announced a proposal from LCH and Blackstone Real Estate to take the company private at S$0.55/unit,  a 34.5%, 34.8%, 53.2%, and 29.1% premium over the one-month, three-month, six-month, and 12-month VWAP.
The Offer price implies a price to adjusted NAV of 0.98x-1.00x, above Soilbuild's historical averages. 
In tandem with the Scheme, Soilbuild has also entered into an agreement with Blackstone affiliates to dispose of its Australian assets. The disposal is inter-conditional with the Scheme.
Should all go to plan - and pricing looks fair - Soilbuild is expected to be delisted in early April. 
More below the fold.


Soilbuild REIT: Offer From Blackstone/Lim Family