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

On the 11 March, <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix Inc (EBIX US)</a>, a leading international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries, <a href="https://www.ebix.com/press-release/ebix-to-acquire-yatra-online-inc" target="_blank" rel="noopener">announced</a> that it had sent a letter to Indian online travel company <a href="https://www.smartkarma.com/entities/yatra-online-inc" target="_blank" data-smartkarma-citation="entities:25997:1" rel="noopener">Yatra Online (YTRA US)</a>, outlining a $7/share Offer on a debt-free basis.  The Offer represented an 84% premium to Yatra's last close of $3.80 on March 8. Yatra had traded between $3.70 to $8.16 in the last 12 months.
Ebix also offered all Yatra shareholders a downside cover on the Ebix stock issued by allowing them to sell Ebix stock back to Ebix in the 25th month after closing, at a fixed price that would be 10% lower than the price at which Ebix stock is issued to them.
After several months of due diligence - which straddled a legal dispute with Air Travel Bureau - on 17th July 2019, Ebix and Yatra <a href="https://www.ebix.com/press-release/ebix-signs-agreement-to-acquire-yatra" target="_blank" rel="noopener">announced</a> they had reached a definitive agreement for Ebix to acquire Yatra through a merger in an all-scrip Offer of US$4.90/share. The Offer price represents a premium of approximately 32% to Yatra’s closing share price on March 8, and is approximately in line with the back-dated scrip Offer, and where Yatra traded when the initial Offer was announced.
The transaction has been approved unanimously by the Boards of Ebix and Yatra. The Offer is conditional on Yatra shareholder approval of the merger, clearances by the U.S. SEC and Nasdaq of the listing of the Ebix convertible preferred stock and other customary conditions.
The pushback on the Offer is the indicative price is ~11% below last June's placement, with at least 18% of the current register participating in that placement. 
The deal is expected to close by the fourth quarter of 2019.

On the 11 March, Ebix Inc (EBIX US), a leading international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries, announced that it had sent a letter to Indian online travel company Yatra Online (YTRA US), outlining a $7/share Offer on a debt-free basis.  The Offer represented an 84% premium to Yatra's last close of $3.80 on March 8. Yatra had traded between $3.70 to $8.16 in the last 12 months.
Ebix also offered all Yatra shareholders a downside cover on the Ebix stock issued by allowing them to sell Ebix stock back to Ebix in the 25th month after closing, at a fixed price that would be 10% lower than the price at which Ebix stock is issued to them.
After several months of due diligence - which straddled a legal dispute with Air Travel Bureau - on 17th July 2019, Ebix and Yatra announced they had reached a definitive agreement for Ebix to acquire Yatra through a merger in an all-scrip Offer of US$4.90/share. The Offer price represents a premium of approximately 32% to Yatra’s closing share price on March 8, and is approximately in line with the back-dated scrip Offer, and where Yatra traded when the initial Offer was announced.
The transaction has been approved unanimously by the Boards of Ebix and Yatra. The Offer is conditional on Yatra shareholder approval of the merger, clearances by the U.S. SEC and Nasdaq of the listing of the Ebix convertible preferred stock and other customary conditions.
The pushback on the Offer is the indicative price is ~11% below last June's placement, with at least 18% of the current register participating in that placement. 
The deal is expected to close by the fourth quarter of 2019.

Yatra Online

An Ebix Merger Will Help Yatra's Travels