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

Negative IFA Opinion Compromises PAG's Offer For Spring REIT

Spring REIT's EGM Suspension Is A Boost for PAG's Offer

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/19888" target="_blank" data-smartkarma-citation="entities:19888:1">Spring Real Estate Investment Trust (1426 HK)</a> has <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0926/LTN201809261017.pdf" target="_blank">dispatched the circular</a> in regards to the Huizhou property acquisition.  The EGM for unitholders to vote on the transaction will be held on the 29 October. Somerley, the IFA, considered the acquisition to be fair and reasonable.
Two days later, PAG Real Estate's Offer document was <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0928/LTN201809281276.pdf" target="_blank">dispatched</a>. The Offer is now open and the first closing date is the 29 October. Conditions to the Offer include 50% acceptance (including PAG's stake) and unitholders voting down the Huizhou acquisition. If 50% is reached by the 15 October, the Huizhou condition will be waived.
As Spring's Response Document, which includes the IFA opinion, will only be dispatched on or before the 15 October, this effectively only gives unitholders (potentially) one day in which to reach an opinion on the merits of the Offer versus the Huizhou acquisition.
This is not adequate.
Unitholders should request Spring and the SFC to adjourn the EGM so as to provide sufficient time in which to formulate a decision.

Spring Real Estate Investment Trust (1426 HK) has dispatched the circular in regards to the Huizhou property acquisition.  The EGM for unitholders to vote on the transaction will be held on the 29 October. Somerley, the IFA, considered the acquisition to be fair and reasonable.
Two days later, PAG Real Estate's Offer document was dispatched. The Offer is now open and the first closing date is the 29 October. Conditions to the Offer include 50% acceptance (including PAG's stake) and unitholders voting down the Huizhou acquisition. If 50% is reached by the 15 October, the Huizhou condition will be waived.
As Spring's Response Document, which includes the IFA opinion, will only be dispatched on or before the 15 October, this effectively only gives unitholders (potentially) one day in which to reach an opinion on the merits of the Offer versus the Huizhou acquisition.
This is not adequate.
Unitholders should request Spring and the SFC to adjourn the EGM so as to provide sufficient time in which to formulate a decision.  

Spring REIT

Spring REIT's EGM Should Be Delayed