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>Valorous Asia Holdings, a KKR vehicle, is seeking up to 9% in <a href="https://www.smartkarma.com/entities/first-gen-corp" target="_blank" data-smartkarma-citation="entities:162:1" rel="noopener">First Gen (FGEN PM)</a> via a <a href="https://edge.pse.com.ph/openDiscViewer.do?edge_no=d6bba3baac8cb9ef0de8473cebbd6407" target="_blank" rel="noopener">partial Tender Offer</a>, in a ₱4.8bn-₱7.3bn (~US$96mn-US$144mn) transaction.</p>
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<p>The Tender Offer Price is  ₱22.50 /share, a ~26.83% premium to the undisturbed close, and a 35.05% premium to the three-month VWAP. The minimum pro-ration, assuming <a href="https://www.smartkarma.com/entities/first-philippine-holdings-corp" target="_blank" data-smartkarma-citation="entities:23027:1" rel="noopener">First Philippine Holdings (FPH PM)</a> does not tender, is 28.8%. A cursory look at the shareholder register suggests 44% is a valid starting point. </p>
<p>The Tender Offer period commences today, and runs through to 24 June. It <em>may</em> be extended. Settlement, based on the 24 June close, is expected on or around the 3 July.</p>
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<p>More below the fold. Plus <em><strong>Ye Old Arb Grids</strong></em>. </p>
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Valorous Asia Holdings, a KKR vehicle, is seeking up to 9% in First Gen (FGEN PM) via a partial Tender Offer, in a ₱4.8bn-₱7.3bn (~US$96mn-US$144mn) transaction.


The Tender Offer Price is  ₱22.50 /share, a ~26.83% premium to the undisturbed close, and a 35.05% premium to the three-month VWAP. The minimum pro-ration, assuming First Philippine Holdings (FPH PM) does not tender, is 28.8%. A cursory look at the shareholder register suggests 44% is a valid starting point. 
The Tender Offer period commences today, and runs through to 24 June. It may be extended. Settlement, based on the 24 June close, is expected on or around the 3 July.


More below the fold. Plus Ye Old Arb Grids. 


First Gen

First Gen (FGEN PM): KKR's Partial Offer