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

Tony Tiah's <a href="https://www.smartkarma.com/entities/ta-enterprise-berhad" target="_blank" data-smartkarma-citation="entities:6920:1" rel="noopener">Ta Enterprise (TAE MK)</a> has made a Conditional Voluntary Offer (VGO) for 60.17%-held <a href="https://www.smartkarma.com/entities/ta-global-bhd" target="_blank" data-smartkarma-citation="entities:14029:1" rel="noopener">Ta Global Bhd (TAGB MK)</a>. TAG shareholders are afforded the option of choosing RM0.28/share in cash, a 21.7% premium to last close; or scrip in TAE at a ratio of 0.4211 new ordinary shares in TAE to be issued at RM0.665/share - a 23.2% premium to TAE's last close.
TAG's Offer is conditional on regulatory approval and TAE's disinterested shareholders approving the Offer and the share issuance. The Offer is not conditional on any acceptance level as TAE holds &gt;50%.  
TAE's interest in TAG increases to 75.51% when including various parties acting in concert (PACs), including Tiah, his spouse and related-family members, holding 15.34%. 15.25% of that 15.34% will tender into the Offer and have indicated the scrip alternative.
The new shares of TAE issued to Tiah under the VGO will increase his current holding in TAE of 41.92%, triggering an MGO at RM0.665/share.
TAE will finance the Offer for TAG via the issuance of up 550.54mn new shares to Tiah at RM0.665/share.  
TAG's unaudited net assets/share - comprising property interests in Australia, Canada, Malaysia, Singapore and Thailand - was RM0.603/share as at 30 September 2019. Inclusive of a new valuation surplus of RM, as opined by independent valuers, the estimated RNAV/share is RM1.01, therefore the Offer represents a discount of 74.57%.
TAG is already in contravention of the 25% free float and has until June to rectify the requirement. Should TAE, including PACs, hold 90% of shares out as at the close of the Offer, TAG will be suspended and subsequently delisted.
As always, more below the fold.

<div>
<div id="post-content">






</div>
</div>

Tony Tiah's Ta Enterprise (TAE MK) has made a Conditional Voluntary Offer (VGO) for 60.17%-held Ta Global Bhd (TAGB MK). TAG shareholders are afforded the option of choosing RM0.28/share in cash, a 21.7% premium to last close; or scrip in TAE at a ratio of 0.4211 new ordinary shares in TAE to be issued at RM0.665/share - a 23.2% premium to TAE's last close.
TAG's Offer is conditional on regulatory approval and TAE's disinterested shareholders approving the Offer and the share issuance. The Offer is not conditional on any acceptance level as TAE holds &gt;50%.  
TAE's interest in TAG increases to 75.51% when including various parties acting in concert (PACs), including Tiah, his spouse and related-family members, holding 15.34%. 15.25% of that 15.34% will tender into the Offer and have indicated the scrip alternative.
The new shares of TAE issued to Tiah under the VGO will increase his current holding in TAE of 41.92%, triggering an MGO at RM0.665/share.
TAE will finance the Offer for TAG via the issuance of up 550.54mn new shares to Tiah at RM0.665/share.  
TAG's unaudited net assets/share - comprising property interests in Australia, Canada, Malaysia, Singapore and Thailand - was RM0.603/share as at 30 September 2019. Inclusive of a new valuation surplus of RM, as opined by independent valuers, the estimated RNAV/share is RM1.01, therefore the Offer represents a discount of 74.57%.
TAG is already in contravention of the 25% free float and has until June to rectify the requirement. Should TAE, including PACs, hold 90% of shares out as at the close of the Offer, TAG will be suspended and subsequently delisted.
As always, more below the fold.












TA Global Bhd

TA Global: Minorities Get The Short End