Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> announced a TOB on <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno Holding (6927 JP)</a> 12 days ago. At a 74% premium, but that was too cheap. I discussed it <a href="https://www.smartkarma.com/insights/helios-techno-holding-6927-small-tob-fat-premium-74-still-too-cheap" target="_blank" rel="noopener">here</a>.</li>
<li>Shares went limit up for two days then traded huge volume the first full day last Wednesday. The lowest trade so far in open trading is 3% through terms.</li>
<li>57% of Shares Out Ex-Treasury have traded in five days. Anyone who bought 5% on Day 1 has to file a Large Shareholder Report today.</li>
</ul>



Rs Technologies (3445 JP) announced a TOB on Helios Techno Holding (6927 JP) 12 days ago. At a 74% premium, but that was too cheap. I discussed it here.
Shares went limit up for two days then traded huge volume the first full day last Wednesday. The lowest trade so far in open trading is 3% through terms.
57% of Shares Out Ex-Treasury have traded in five days. Anyone who bought 5% on Day 1 has to file a Large Shareholder Report today.


Helios Techno Holding (6927) TOB - Today Could Be The Day

<ul>
<li>On Friday, acquisitive wafer technology firm <a href="https://www.smartkarma.com/entities/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> announced it would buy lamp and printing equipment maker <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno Holding (6927 JP)</a> at a 74% premium.  </li>
<li>The premium is big, but Helios is a steal at the price. Granted, it is a small potatoes steal. </li>
<li>The register is not controlled by any one party or group of investors other than retail. That makes this interesting.</li>
</ul>


On Friday, acquisitive wafer technology firm Rs Technologies (3445 JP) announced it would buy lamp and printing equipment maker Helios Techno Holding (6927 JP) at a 74% premium.  
The premium is big, but Helios is a steal at the price. Granted, it is a small potatoes steal. 
The register is not controlled by any one party or group of investors other than retail. That makes this interesting.


Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

David Blennerhassett

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Effissimo Capital's stake in Pacific Industrial rose to 7.7%, challenging a below-market MBO at ¥2,050/share (0.7x book); shares trade higher amid expectations of a better offer.</li>
<li>Strategic Capital continues to engage with Noritake - it is working - as the company announces a buyback</li>
<li>Asset Value Investors increased its stake in Sharing Tech to over 15% - financial performance is strong, capital allocation is sensible. </li>
</ul>


Effissimo Capital's stake in Pacific Industrial rose to 7.7%, challenging a below-market MBO at ¥2,050/share (0.7x book); shares trade higher amid expectations of a better offer.
Strategic Capital continues to engage with Noritake - it is working - as the company announces a buyback
Asset Value Investors increased its stake in Sharing Tech to over 15% - financial performance is strong, capital allocation is sensible. 


Activism Briefs | Noritake, Pacific Industrial, Sharing Tech, Helios

<ul>
<li>Today, the closing date of the Tender Offer for <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> by CVC saw the tender offer extended by an extra 10 days with new news.</li>
<li>Price had been declared final. One very large shareholder had said they would not tender. Two more were negotiating. Those two will now tender and reinvest in the back end.</li>
<li>This does not mean the tender offer is a done deal, but it is worth examining.</li>
</ul>


Today, the closing date of the Tender Offer for Macromill, Inc (3978 JP) by CVC saw the tender offer extended by an extra 10 days with new news.
Price had been declared final. One very large shareholder had said they would not tender. Two more were negotiating. Those two will now tender and reinvest in the back end.
This does not mean the tender offer is a done deal, but it is worth examining.


CVC Extends Macromill (3978) Bid and Invites Two Funds To Reinvest - More Interesting Than You Think

Japan

Helios Techno Holding Co Ltd manufactures lamps including halogen and metal halide lamps.  The Company's products are used for projectors, automobiles, and home lighting equipment.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Helios Techno Holding (6927 JP)

Helios Techno Holding (6927) TOB - Today Could Be The Day

RS Tech bid a 74% premium for Helios Techno Holdings. That was way cheap. A 20% premium gets to 7x guided PER ex-cash/securities. HUGE volume means...

Travis Lundy

Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

RS Tech has announced a TOB on Helios Tech Holdings. It is too cheap. It was deep in negative EV territory on Friday and a 74% premium brings it...

Travis Lundy

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

CVC Extends Macromill (3978) Bid and Invites Two Funds To Reinvest - More Interesting Than You Think

CVC has extended its Macromill deal again, but this time it announces two investors have agreed to tender 11.7% and take a stake in the back end....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Helios Techno Holding (6927) TOB - Today Could Be The Day

RS Tech bid a 74% premium for Helios Techno Holdings. That was way cheap. A 20% premium gets to 7x guided PER ex-cash/securities. HUGE volume means...

Travis Lundy

Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

RS Tech has announced a TOB on Helios Tech Holdings. It is too cheap. It was deep in negative EV territory on Friday and a 74% premium brings it...

Travis Lundy

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Activism Briefs | Noritake, Pacific Industrial, Sharing Tech, Helios

​Investors challenge low buyout offer, engage in buybacks, and increase stakes in companies with strong financial performance.

Mark Chadwick

CVC Extends Macromill (3978) Bid and Invites Two Funds To Reinvest - More Interesting Than You Think

CVC has extended its Macromill deal again, but this time it announces two investors have agreed to tender 11.7% and take a stake in the back end....

Travis Lundy

Investors challenge low buyout offer, engage in buybacks, and increase stakes in companies with strong financial performance.