Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last September, <a href="https://www.smartkarma.com/companies/636" target="_blank" data-smartkarma-citation="companies:636">Sustinvest</a> discussed in its insight <a href="https://www.smartkarma.com/insights/bgf-retail-spin-off-for-whom-the-bell-tolls" target="_blank">BGF Retail Spin-Off: For Whom the Bell Tolls</a>, the creation of the BGF Holdco/Opco, and concluded the spin-off did not i) improve corporate governance; ii) maximise management efficiency and transparency, and (iii) enhance the company and shareholder value.Subsequent to the spin-off, a tender offer/share swap will be implemented, with the tender offer commencing on the 14 February. With BGF Chairman Hong Suk-jo's seeking to further solidify his stake in the Holdco, <a href="https://www.smartkarma.com/entities/26731" target="_blank" data-smartkarma-citation="entities:26731:1">BGF Retail Co Ltd (282330 KS)</a> (Opco)'s share price has not wholly unexpectedly increased, whereas <a href="https://www.smartkarma.com/entities/5876" target="_blank" data-smartkarma-citation="entities:5876:1">BGF Co Ltd (027410 KS)</a>  (Holdco) has declined since the 8 December 2017 listing/relisting.A recap of the spin-off, a read through of the "partial scrip offer" and possible trade ideas, all below the fold.(In the past month, the liquidity for BGF and BGF Retail was US$8.1mn &amp; US$5.8mn)

Last September, Sustinvest discussed in its insight BGF Retail Spin-Off: For Whom the Bell Tolls, the creation of the BGF Holdco/Opco, and concluded the spin-off did not i) improve corporate governance; ii) maximise management efficiency and transparency, and (iii) enhance the company and shareholder value.Subsequent to the spin-off, a tender offer/share swap will be implemented, with the tender offer commencing on the 14 February. With BGF Chairman Hong Suk-jo's seeking to further solidify his stake in the Holdco, BGF Retail Co Ltd (282330 KS) (Opco)'s share price has not wholly unexpectedly increased, whereas BGF Co Ltd (027410 KS)  (Holdco) has declined since the 8 December 2017 listing/relisting.A recap of the spin-off, a read through of the "partial scrip offer" and possible trade ideas, all below the fold.(In the past month, the liquidity for BGF and BGF Retail was US$8.1mn &amp; US$5.8mn)

South Korea

BGF Retail Co., Ltd. operates convenience stores. The Company retails delicatessen, sweets, snacks, beverages, tobacco, and other related products. BGF Retail markets its products throughout South Korea.

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BGF retail (282330 KS)

The BGF Retail Swap Shop

Last September, Sustinvest discussed in its insight BGF Retail Spin-Off: For Whom the Bell Tolls, the creation of the BGF Holdco/Opco, and...

David Blennerhassett

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