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

Back in October last year, <a href="https://www.smartkarma.com/entities/venus-metals-corp-ltd" target="_blank" data-smartkarma-citation="entities:10142:1" rel="noopener">Venus Metals Corp (VMC AU)</a> <a href="https://www.asx.com.au/asxpdf/20191010/pdf/449clpcz1ltjrf.pdf" target="_blank" rel="noopener">commenced proceedings</a> against fellow-gold producer <a href="https://www.smartkarma.com/entities/spectrum-metals-ltd" target="_blank" data-smartkarma-citation="entities:2237:1" rel="noopener">Spectrum Metals (SPX AU)</a>, alleging managing director Paul Adams and former director Davide Bosio exploited information relating to Venus confidentially discussing its intention to acquire the high-grade Penny West gold project in Western Australia. Spectrum acquired Penny West in <a href="https://www.spectrummetals.com.au/projects/penny-west-gold-project/" target="_blank" rel="noopener">December 2018</a>.
Spectrum <a href="https://www.asx.com.au/asxpdf/20191112/pdf/44bhjfcr6j5692.pdf" target="_blank" rel="noopener">countered</a> that they don't accept Penny West was ever mentioned in conversations with Venus.
Today, Spectrum <a href="https://www.asx.com.au/asxpdf/20200210/pdf/44dyq4hd7fnrh6.pdf" target="_blank" rel="noopener">announced</a> it has paid Venus $850,000 settling the claim. Venus has now released Spectrum from “all claims and demands” in connection with the subject matter in the litigation. Spectrum maintains that "VMC's claims against Spectrum ... had no merit whatsoever but considers the settlement of the litigation at this time is in the best interest of Spectrum's shareholders". 
Shortly after the settlement announcement, <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> made a recommended takeover offer for Spectrum, by way of cash and scrip, at A$0.15/share, a 52% premium to last close and a 70% premium to Spectrum’s 30-day VWAP.
Spectrum shareholders will receive one Ramelius share for every 10 Spectrum shares held plus cash of $0.17 for each Spectrum share, in a roughly 89%/11% scrip/cash split.
The Offer has the unanimous backing of Spectrum's board and all Spectrum directors will tender their shares into the Offer. Ramelius also holds 4.9% of shares out. The Offer is conditional on 50.1% acceptances of shareholders.
This looks like a done deal.

Back in October last year, Venus Metals Corp (VMC AU) commenced proceedings against fellow-gold producer Spectrum Metals (SPX AU), alleging managing director Paul Adams and former director Davide Bosio exploited information relating to Venus confidentially discussing its intention to acquire the high-grade Penny West gold project in Western Australia. Spectrum acquired Penny West in December 2018.
Spectrum countered that they don't accept Penny West was ever mentioned in conversations with Venus.
Today, Spectrum announced it has paid Venus $850,000 settling the claim. Venus has now released Spectrum from “all claims and demands” in connection with the subject matter in the litigation. Spectrum maintains that "VMC's claims against Spectrum ... had no merit whatsoever but considers the settlement of the litigation at this time is in the best interest of Spectrum's shareholders". 
Shortly after the settlement announcement, Ramelius Resources (RMS AU) made a recommended takeover offer for Spectrum, by way of cash and scrip, at A$0.15/share, a 52% premium to last close and a 70% premium to Spectrum’s 30-day VWAP.
Spectrum shareholders will receive one Ramelius share for every 10 Spectrum shares held plus cash of $0.17 for each Spectrum share, in a roughly 89%/11% scrip/cash split.
The Offer has the unanimous backing of Spectrum's board and all Spectrum directors will tender their shares into the Offer. Ramelius also holds 4.9% of shares out. The Offer is conditional on 50.1% acceptances of shareholders.
This looks like a done deal.

Spectrum Metals: Inside Ramelius' Wheelhouse