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

McPherson (MCP AU): Unconditional On-Market Offer

Quiddity Advisors

Event-Driven

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<div>Back on the 25 March, consumer products outfit <a href="https://www.smartkarma.com/entities/mcpherson-s-ltd" target="_blank" data-smartkarma-citation="entities:6729:1" rel="noopener">Mcpherson's Ltd (MCP AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357218-2A1289056?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unconditional, on-market cash Offer of $1.34/share from the Kin Group, via Gallin P/L. The Offer price was a 9.8% premium to last close. Unlisted Kin Group also <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357231-2A1289074?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it held 6.35mn shares or 4.95% of shares out.</div>
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<div>MCP issued a Target Statement on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02361440-2A1291552?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">8 April</a> recommending shareholders <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02361440-2A1291552?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">reject</a> the Offer, which is expected to close on the 10 May, unless extended.</div>
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<h3>The New News</h3>
<div>In its FY21 reading and operational review update, MCP <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02368663-2A1295047?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> the receipt of a non-binding, indicative proposal from pharmaceutical giant Arrotex Australia, by way of a Scheme, for A$1.60/share. </div>
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<div>Arrotex's Offer is subject to a four-week due diligence period. MCP's board intends to work with Arrotex to develop a transaction that can be put to shareholders.</div>
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<div>The board continues to reject Gallin's Offer.</div>
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<p>More below the fold.</p>
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Back on the 25 March, consumer products outfit Mcpherson's Ltd (MCP AU) announced an unconditional, on-market cash Offer of $1.34/share from the Kin Group, via Gallin P/L. The Offer price was a 9.8% premium to last close. Unlisted Kin Group also announced it held 6.35mn shares or 4.95% of shares out.


MCP issued a Target Statement on the 8 April recommending shareholders reject the Offer, which is expected to close on the 10 May, unless extended.

The New News
In its FY21 reading and operational review update, MCP announced the receipt of a non-binding, indicative proposal from pharmaceutical giant Arrotex Australia, by way of a Scheme, for A$1.60/share. 

Arrotex's Offer is subject to a four-week due diligence period. MCP's board intends to work with Arrotex to develop a transaction that can be put to shareholders.

The board continues to reject Gallin's Offer.


More below the fold.


McPherson (MCP AU): Arrotex Derails Kin's Offer

McPherson's Ltd

McPherson (MCP AU): Arrotex Derails Kin's Offer