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

TRADE IDEA - First Pacific (142 HK) Stub: Assets Sales Pave the Way to a Narrower Discount to NAV

TRADE IDEA - First Pacific (142 HK) Stub: Parent Pops, Close the Trade

TRADE IDEA - First Pacific Stub (142 HK): Round Two with Catalysts

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/1140" target="_blank" data-smartkarma-citation="entities:1140:1">Indofood Agri Resources (IFAR SP)</a> has announced PT Indofood Sukses Makmur Tbk, its controlling shareholder with 74.52%, has made a voluntary conditional cash offer of $0.28/share for all IFAR shares it does not own. The offer price, which is a 7.7% premium to last close, is not final. Any dividend declared will reduce the consideration under the proposal.
The Offer is conditional on PT Indofood holding 90% of shares out at the close of the offer. There is no other condition.
There is no requirement for a downstream offer for <a href="https://www.smartkarma.com/entities/1141" target="_blank" data-smartkarma-citation="entities:1141:1">Salim Ivomas Pratama (SIMP IJ)</a>, 73.46% held by IFAR.<a href="https://www.smartkarma.com/entities/1141" target="_blank" data-smartkarma-citation="entities:1141:1"> </a>
IFAR's share price has increased 27% this month - evidently, there was some news leakage ahead of the announcement - positioning its discount to NAV at ~50%, around its narrowest inside a year, but on a look-through basis, the Offer price backs out just 0.4x P/B.
The Offer price represents a premium of approximately 21.5%, 26.3%, 29.0% and 23.1% over the VWAP for 1M, 3M, 6M and 12M. IFAR traded above the Offer price as recent as May last year. One wonders if the consideration is sufficient to achieve the 90% condition.

Indofood Agri Resources (IFAR SP) has announced PT Indofood Sukses Makmur Tbk, its controlling shareholder with 74.52%, has made a voluntary conditional cash offer of $0.28/share for all IFAR shares it does not own. The offer price, which is a 7.7% premium to last close, is not final. Any dividend declared will reduce the consideration under the proposal.
The Offer is conditional on PT Indofood holding 90% of shares out at the close of the offer. There is no other condition.
There is no requirement for a downstream offer for Salim Ivomas Pratama (SIMP IJ), 73.46% held by IFAR. 
IFAR's share price has increased 27% this month - evidently, there was some news leakage ahead of the announcement - positioning its discount to NAV at ~50%, around its narrowest inside a year, but on a look-through basis, the Offer price backs out just 0.4x P/B.
The Offer price represents a premium of approximately 21.5%, 26.3%, 29.0% and 23.1% over the VWAP for 1M, 3M, 6M and 12M. IFAR traded above the Offer price as recent as May last year. One wonders if the consideration is sufficient to achieve the 90% condition. 

PTインドフーズによる保有株式74%の自主買収提案がIFARを下回る