Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> walks away from <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.</li>
<li>Buy <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.</li>
<li>If you have borrow on <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>, use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. </li>
</ul>



Alimentation Couche-Tard (ATD CN) walks away from Seven &amp; I Holdings (3382 JP), and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.
Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. 


Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>BPER acquired 58.35% of Sondrio with an enhanced bid, but low take-up signals shareholder dissatisfaction and opens room for further action.</li>
<li>Revised terms imply a 3.9% gross spread, offering a compelling short-term arbitrage play with estimated 12.4% annualized return.</li>
<li>A potential reopening or share accumulation remains likely, with Unipol’s dual role adding strategic weight and optionality to the situation.</li>
</ul>


BPER acquired 58.35% of Sondrio with an enhanced bid, but low take-up signals shareholder dissatisfaction and opens room for further action.
Revised terms imply a 3.9% gross spread, offering a compelling short-term arbitrage play with estimated 12.4% annualized return.
A potential reopening or share accumulation remains likely, with Unipol’s dual role adding strategic weight and optionality to the situation.


BPER–Sondrio: 3.9% Spread with Optionality on Reopening

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

Banca Popolare di Sondrio / Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect there to be up to seven index changes in the first quarter of 2024.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect there to be up to seven index changes in the first quarter of 2024.


Quiddity Leaderboard SE600 Mar 24: Two Intra-Review and 5 Regular Changes Likely

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.</li>
<li>There are two more weeks for the base date. As things stand, there could be six ADDs/DELs during the December 2023 review and probably two more intra-review changes after that.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.
There are two more weeks for the base date. As things stand, there could be six ADDs/DELs during the December 2023 review and probably two more intra-review changes after that.


Quiddity Leaderboard SE600 Dec 23: 6 ADDs/DELs and Two Intra-Review Changes Possible

Italy

Banca Popolare di Sondrio S.p.A. is an Italian cooperative bank offering a comprehensive range of banking and financial services. It provides retail banking products such as current and savings accounts, debit and credit cards, and various loans, alongside business banking, asset management, and insurance services for individuals, families, professionals, and companies. The bank was founded in 1871 and is headquartered in Sondrio, Italy.

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Banca Popolare di Sondrio (BPSO IM)

Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

BPER–Sondrio: 3.9% Spread with Optionality on Reopening

BPER’s partial bid for Sondrio leaves a 3.9% spread. Low acceptance, strategic backing, and possible reopening create an attractive short-term...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Mar 24: Two Intra-Review and 5 Regular Changes Likely

SE600 members CHR Hansen and LXI REIT could get deleted in the first quarter of 2024. Apart from that, I see five more possible index changes...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Dec 23: 6 ADDs/DELs and Two Intra-Review Changes Possible

The one-way for the 6 ADDs/DELs expected for December is around US$80mn. On average, there could be around 1.6 days to buy for the 6 ADDs and 1.2...

Janaghan Jeyakumar, CFA

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