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

Vinythai (VNT TB)'s Delisting Offer (Finally) Commences

Quiddity Advisors

Event-Driven

On 14 December 2016, <a href="https://www.smartkarma.com/entities/agc-inc" target="_blank" data-smartkarma-citation="entities:2167:1" rel="noopener">AGC Inc (5201 JP)</a> <a href="https://www.set.or.th/dat/news/201612/16094295.pdf" target="_blank" rel="noopener">entered into</a> an agreement with Solvay Chemicals and Plastics Holding, and Solvay Vinyls Holding (collectively, Solvay) to acquire 696,511,059 shares, or 58.77% of shares out, in <a href="https://www.smartkarma.com/entities/vinythai-public-co-limited" target="_blank" data-smartkarma-citation="entities:14107:1" rel="noopener">Vinythai Public Co (VNT TB)</a>, at Bt15.00/share, for a total consideration of Br10.4bn.
AGC completed the acquisition of shares in VNT on <a href="https://www.set.or.th/dat/news/201702/17013362.pdf" target="_blank" rel="noopener">22 February 2017</a>. This share acquisition triggered a mandatory tender offer. VNT received an Announcement of Intention to Make a Tender Offer (<a href="https://www.set.or.th/dat/news/201702/17013376.pdf" target="_blank" rel="noopener">Form 247-3</a>) on 23 February 2017.
On 1 March 2017, AGC submitted a copy of the Tender Offer (or <a href="https://www.set.or.th/dat/news/201703/17019209.pdf" target="_blank" rel="noopener">Form 247-4</a>) to purchase shares not held or 41.23% of shares out, at Bt15/share. The Tender Offer period was from the 3 March 2017 to 7 April 2017, a period of 25 business days.
At the close of the Offer, 152,450 shares tendered - or 0.01% of shares out - giving AGC <a href="https://www.set.or.th/dat/news/201704/17029860.pdf" target="_blank" rel="noopener">58.78%</a>. The second-largest shareholder was <a href="https://www.smartkarma.com/entities/ptt-global-chemical-pcl" target="_blank" data-smartkarma-citation="entities:19852:1" rel="noopener">PTT Global Chemical (PTTGC TB)</a> with 24.98%.
Then crickets.
<h3>The New News</h3>
Following a board directors meeting, VNT <a href="https://www.set.or.th/dat/mds_news/news/0475NWS190320210801090046E.pdf" target="_blank" rel="noopener">announced</a> PTTGC and AGC have indicated their intention to delist VNT from the SET.
PTTGC  will offer to purchase shares at Bt39/share. AGC will not tender any of its 57.78% stake in such a tender offer.
This looks done and dusted, and trading tight to terms.
More below the fold.

On 14 December 2016, AGC Inc (5201 JP) entered into an agreement with Solvay Chemicals and Plastics Holding, and Solvay Vinyls Holding (collectively, Solvay) to acquire 696,511,059 shares, or 58.77% of shares out, in Vinythai Public Co (VNT TB), at Bt15.00/share, for a total consideration of Br10.4bn.
AGC completed the acquisition of shares in VNT on 22 February 2017. This share acquisition triggered a mandatory tender offer. VNT received an Announcement of Intention to Make a Tender Offer (Form 247-3) on 23 February 2017.
On 1 March 2017, AGC submitted a copy of the Tender Offer (or Form 247-4) to purchase shares not held or 41.23% of shares out, at Bt15/share. The Tender Offer period was from the 3 March 2017 to 7 April 2017, a period of 25 business days.
At the close of the Offer, 152,450 shares tendered - or 0.01% of shares out - giving AGC 58.78%. The second-largest shareholder was PTT Global Chemical (PTTGC TB) with 24.98%.
Then crickets.
The New News
Following a board directors meeting, VNT announced PTTGC and AGC have indicated their intention to delist VNT from the SET.
PTTGC  will offer to purchase shares at Bt39/share. AGC will not tender any of its 57.78% stake in such a tender offer.
This looks done and dusted, and trading tight to terms.
More below the fold.

Golden Land Property Development (GOLD TB)

Global Power Synergy Company Ltd (GPSC TB)

Vinythai (VNT TH): Delisting Offer From PTTGC