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

Powerleader Science & Technology Group / Event-Driven

Powerleader Science & Technology Group (8236 HK)

<p>Cloud computing solutions provider <a href="https://www.smartkarma.com/entities/powerleader-science-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:17036:1" rel="noopener">Powerleader Science &amp; Technology Group (8236 HK)</a> has announced a <a href="https://www1.hkexnews.hk/listedco/listconews/gem/2020/1019/2020101901276.pdf" target="_blank" rel="noopener">delisting Offer</a> by way of a merger by absorption from Speed Top. The consideration price for the H-shares is $3.92/share, a 14.6% premium to last close. The price will not be increased.</p>
<p>Speed Top &amp; concert parties control 42.05% of the company via domestic shares.</p>
<p>There are 60.75mn H shares out - all can vote.</p>
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<p>As Powerleader is PRC-incorporated, this delisting proposal is by way of a merger by absorption, which involves a Scheme-like vote from disinterested shareholders. There is no tendering acceptance condition attached to this delisting.</p>
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<p>This is a relatively clean deal, although not a particularly inspiring one. Timing is the only unknown. The Long Stop date is the 3 June 2021, but this should be completed well before. </p>
<p>Trading at a wide gross/annualised spread of 13.6%/51.6%, assuming mid-Feb completion.</p>
<p>As always, more below the fold.</p>
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Cloud computing solutions provider Powerleader Science &amp; Technology Group (8236 HK) has announced a delisting Offer by way of a merger by absorption from Speed Top. The consideration price for the H-shares is $3.92/share, a 14.6% premium to last close. The price will not be increased.
Speed Top &amp; concert parties control 42.05% of the company via domestic shares.
There are 60.75mn H shares out - all can vote.

As Powerleader is PRC-incorporated, this delisting proposal is by way of a merger by absorption, which involves a Scheme-like vote from disinterested shareholders. There is no tendering acceptance condition attached to this delisting.


This is a relatively clean deal, although not a particularly inspiring one. Timing is the only unknown. The Long Stop date is the 3 June 2021, but this should be completed well before. 
Trading at a wide gross/annualised spread of 13.6%/51.6%, assuming mid-Feb completion.
As always, more below the fold.


Powerleader (8236 HK): Small Deal, Trading Wide