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

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<p>On the 6 December, fashion wear and accessory player <a href="https://www.smartkarma.com/entities/i-t-ltd" target="_blank" data-smartkarma-citation="entities:2795:1" rel="noopener">I.T Ltd (999 HK)</a> received a pre-conditional <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1206/2020120600017.pdf" target="_blank" rel="noopener">Offer</a>, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.</p>
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<p>The Offeror was Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder of I.T.), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.</p>
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<p>The pre-condition, which referred to approval from the State Administration for Market Regulation of the PRC, the anti-monopoly watchdog, was satisfied on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0120/2021012001069.pdf" target="_blank" rel="noopener">19 January</a>.</p>
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<p>Conditions to the Scheme are stock standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated. </p>
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<p>After <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1222/2020122200797.pdf" target="_blank" rel="noopener">delaying</a> the despatch of the Scheme Document,  I.T has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0321/2021032100039.pdf" target="_blank" rel="noopener">despatched</a> the Doc.</p>
<p>The Court Meeting will be held on 16 April. The joint IFAs (Challenge Capital &amp; China Tonghai) considered the Offer price to be fair and reasonable.</p>
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<p>More below the fold.</p>
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On the 6 December, fashion wear and accessory player I.T Ltd (999 HK) received a pre-conditional Offer, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.


The Offeror was Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder of I.T.), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.


The pre-condition, which referred to approval from the State Administration for Market Regulation of the PRC, the anti-monopoly watchdog, was satisfied on the 19 January.


Conditions to the Scheme are stock standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated. 


After delaying the despatch of the Scheme Document,  I.T has now despatched the Doc.
The Court Meeting will be held on 16 April. The joint IFAs (Challenge Capital &amp; China Tonghai) considered the Offer price to be fair and reasonable.


More below the fold.


Springland International Holdings (1700 HK)

I.T. (999 HK): Scheme Meeting 16 April. IFA Says Fair