Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Yesterday after the close of trading, <a href="https://www.smartkarma.com/entities/nippon-kayaku-co-ltd" target="_blank" data-smartkarma-citation="entities:6971:1" rel="noopener">Nippon Kayaku (4272 JP)</a>, which owns 66.5% of smallcap polarizing film maker <a href="https://www.smartkarma.com/entities/polatechno-co-ltd" target="_blank" data-smartkarma-citation="entities:19636:1" rel="noopener">Polatechno (4239 JP)</a>, announced a Tender Offer at a 90+% premium to take over the remaining shares of Polatechno. The Tender Offer's success is contingent on 22.38% (i.e. 66.7% of the minority tendering. That success is easily achieved as <a href="https://www.smartkarma.com/entities/arisawa-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:18028:1" rel="noopener">Arisawa Mfg (5208 JP)</a> happens to own exactly 22.38% of Polatechno and said that it <a href="http://www.arisawa.co.jp/jp/ir/news/data/201908271JP.pdf" target="_blank" rel="noopener">intended to tender the shares</a>, and sell them for ¥9.215 billion. That is a fair bit of change for a ¥31.3bn company. The company simultaneously announced a forecast revision downwards because of lower equity affiliate income going forward. To offset equity weakness going forward, they also <a href="http://www.arisawa.co.jp/jp/ir/news/data/201908272JP.pdf" target="_blank" rel="noopener">announced</a> a stock buyback. For 10% of the company. The stock is up 11% this morning as a result.If you are into small caps, or you own it, or are interested in Japan activism, it is worth a look.

Yesterday after the close of trading, Nippon Kayaku (4272 JP), which owns 66.5% of smallcap polarizing film maker Polatechno (4239 JP), announced a Tender Offer at a 90+% premium to take over the remaining shares of Polatechno. The Tender Offer's success is contingent on 22.38% (i.e. 66.7% of the minority tendering. That success is easily achieved as Arisawa Mfg (5208 JP) happens to own exactly 22.38% of Polatechno and said that it intended to tender the shares, and sell them for ¥9.215 billion. That is a fair bit of change for a ¥31.3bn company. The company simultaneously announced a forecast revision downwards because of lower equity affiliate income going forward. To offset equity weakness going forward, they also announced a stock buyback. For 10% of the company. The stock is up 11% this morning as a result.If you are into small caps, or you own it, or are interested in Japan activism, it is worth a look. 

Arisawa (5208) Activism:  Biggish Buyback, But Lots More Potential Behind

Japan

Arisawa Mfg. Co., Ltd. processes industrial materials such as fiberglass and resin molds.  The Company's products are used as electronics, optics, and insulator materials.

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Arisawa (5208) Activism: Biggish Buyback, But Lots More Potential Behind

Yesterday after the close of trading, Nippon Kayaku (4272 JP), which owns 66.5% of smallcap polarizing film maker Polatechno (4239 JP), announced a...

Travis Lundy