Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At the close of its reloaded ₩6,700/Share Tender Offer for <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>, SJ Investment received zero shares. With no margin seller at ₩6,700, it seemed illogical to reload.  </li>
<li>And for now, they won't, opting not to proceed with a follow-on delisting transaction.</li>
<li>₩6,700/Share was low-balled. It's probably worth (at least) double this. If you have the bandwidth to wait this out, stay in. Or buy and hold. Load up on weakness.</li>
</ul>


At the close of its reloaded ₩6,700/Share Tender Offer for Golfzon Holdings (121440 KS), SJ Investment received zero shares. With no margin seller at ₩6,700, it seemed illogical to reload.  
And for now, they won't, opting not to proceed with a follow-on delisting transaction.
₩6,700/Share was low-balled. It's probably worth (at least) double this. If you have the bandwidth to wait this out, stay in. Or buy and hold. Load up on weakness.


Golfzon Holdings (121440 KS): This Is A Buy And Hold

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Post the conclusion of the second tender offer, One &amp; Partners pivoted from their previous stance and announced that it no longer plans to delist Golfzon Holdings for now.</li>
<li>The pressure is on for One &amp; Partners to improve corporate governance and share price of Golfzon Holdings further in the coming months.</li>
<li>Since the announcement of the initial tender offer, Golfzon Holdings' share price has climbed 89.2% to 8,050 won.</li>
</ul>


Post the conclusion of the second tender offer, One &amp; Partners pivoted from their previous stance and announced that it no longer plans to delist Golfzon Holdings for now.
The pressure is on for One &amp; Partners to improve corporate governance and share price of Golfzon Holdings further in the coming months.
Since the announcement of the initial tender offer, Golfzon Holdings' share price has climbed 89.2% to 8,050 won.


Golfzon Holdings: One & Partners Pivots To "Plan B" (No Delisting For Now)

<ul>
<li>Back on the 29th June, <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>'s largest shareholder Kim Won-il (via SJ Investments) launched a tender offer for the remaining 36.15% of Golfzon not owned, at ₩6,700/share.</li>
<li>At 0.35x P/B, it was an egregiously low-balled bid. Kim secured 62.9% of the target volume in the tender offer, increasing his stake to 76.85% from 55.36% (85.2% excluding treasuries).</li>
<li>Undeterred, Kim has reloaded. At the same ₩6,700/share Offer Price. Trading almost at terms. This Tender closes on the 2nd September. Do not tender. Hold off for a bump. </li>
</ul>


Back on the 29th June, Golfzon Holdings (121440 KS)'s largest shareholder Kim Won-il (via SJ Investments) launched a tender offer for the remaining 36.15% of Golfzon not owned, at ₩6,700/share.
At 0.35x P/B, it was an egregiously low-balled bid. Kim secured 62.9% of the target volume in the tender offer, increasing his stake to 76.85% from 55.36% (85.2% excluding treasuries).
Undeterred, Kim has reloaded. At the same ₩6,700/share Offer Price. Trading almost at terms. This Tender closes on the 2nd September. Do not tender. Hold off for a bump. 


Golfzon Holdings (121440 KS): More Egregiousness As SJ Investment Reloads

<ul>
<li>Golfzon Holdings announced that SJ Investment Holdings acquired 9,742,319 shares following a tender offer. SJ Investment Holdings secured 62.9% of the target volume (15,485,020 shares) in the tender offer.</li>
<li>This Golfzon Holdings tender offer shows that once again, the corporate governance of many Korean companies are so horrendous.</li>
<li>In this insight, I provide four main scenarios that could happen next.</li>
</ul>


Golfzon Holdings announced that SJ Investment Holdings acquired 9,742,319 shares following a tender offer. SJ Investment Holdings secured 62.9% of the target volume (15,485,020 shares) in the tender offer.
This Golfzon Holdings tender offer shows that once again, the corporate governance of many Korean companies are so horrendous.
In this insight, I provide four main scenarios that could happen next.


Golfzon Holdings: Results of the Tender Offer - What's Next?

<ul>
<li>On the 29th June, <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>'s largest shareholder Kim Won-il launched a tender offer for the remaining 36.15% of Golfzon he doesn't own, at ₩6,700/share, a 57.55% premium.</li>
<li>At 0.35x P/B, where "B" primarily comprises an entity holding golf courses, currently mid-sale, there is evident (&amp; unsurprising) pushback, including from activist Terton, holding an estimated 3%. </li>
<li>The Offer closed yesterday (5th August) with management unflinchingly supporting terms, backed up by a derisory evaluation opinion. 95% squeeze-out appears tenuous. So now what?</li>
</ul>


On the 29th June, Golfzon Holdings (121440 KS)'s largest shareholder Kim Won-il launched a tender offer for the remaining 36.15% of Golfzon he doesn't own, at ₩6,700/share, a 57.55% premium.
At 0.35x P/B, where "B" primarily comprises an entity holding golf courses, currently mid-sale, there is evident (&amp; unsurprising) pushback, including from activist Terton, holding an estimated 3%. 
The Offer closed yesterday (5th August) with management unflinchingly supporting terms, backed up by a derisory evaluation opinion. 95% squeeze-out appears tenuous. So now what?


Golfzon Holdings (121440 KS): Egregious MBO Closes. This Is Not Over

South Korea

Golfzon Holdings Co., Ltd. operates golf businesses. The Company wholesales golf clubs, golf equipment, golf wear, and other products. Golfzon Holdings also offers management consulting, leasing, and other services.

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Golfzon Holdings (121440 KS)