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/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> today released a change to its Target Opinion Statement for Infroneer's takeover bid at ¥770/share. It supports the tender itself, but withdraws its recommendation investors tender.</li>
<li>Infroneer refused to raise their price, so this effectively kills their bid (though they will extend). TC will engage with Yamauchi Family Office which has separately offered to bid ¥1,000/share.</li>
<li>The dynamics have now changed. This is a range trade, and will likely take time unless Infroneer says "I'll sell at ¥1,000/share."</li>
</ul>



Toyo Construction (1890 JP) today released a change to its Target Opinion Statement for Infroneer's takeover bid at ¥770/share. It supports the tender itself, but withdraws its recommendation investors tender.
Infroneer refused to raise their price, so this effectively kills their bid (though they will extend). TC will engage with Yamauchi Family Office which has separately offered to bid ¥1,000/share.
The dynamics have now changed. This is a range trade, and will likely take time unless Infroneer says "I'll sell at ¥1,000/share."


ToyoKen (1890)- Infroneer Declines to Bid Up, YFO Now In Driver's Seat - Now It's A Range Trade

<ul>
<li>A Nikkei article this morning says the mystery bidder behind WK1/2/3 Limited is Nintendo founding family's Yamauchi No.10 Family Office. This changes things more than just knowing their identity does.</li>
<li>To start, their website is the most fun investment management company website I have come across. It's great.  <a href="https://y-n10.com/" target="_blank" rel="noopener">https://y-n10.com/</a>. It's also well worth reading. It's also worth noting their history.</li>
<li>Understanding the parameters here is key to understanding possible next steps.</li>
</ul>


A Nikkei article this morning says the mystery bidder behind WK1/2/3 Limited is Nintendo founding family's Yamauchi No.10 Family Office. This changes things more than just knowing their identity does.
To start, their website is the most fun investment management company website I have come across. It's great.  https://y-n10.com/. It's also well worth reading. It's also worth noting their history.
Understanding the parameters here is key to understanding possible next steps.


ToyoKen (1890) Mystery Bidder Is Yamauchi No. 10 Family Office - And That Changes Things

<ul>
<li>WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.</li>
<li>On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.</li>
<li>I offer consolidated thoughts and like the idea of buying the dip.</li>
</ul>


WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.
On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.
I offer consolidated thoughts and like the idea of buying the dip.


Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.</li>
<li>Now one has to consider what the rest of this week has looked like.</li>
<li>And we wonder who it is, but <a href="https://www.smartkarma.com/insights/toyo-construction-1890-tender-situation-indeed-getting-funky" target="_blank" rel="noopener">reading between the lines</a> can get you to a place where one might see what the aim is. </li>
</ul>



Toyo Construction (1890 JP) situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.
Now one has to consider what the rest of this week has looked like.
And we wonder who it is, but reading between the lines can get you to a place where one might see what the aim is. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>'s Independent Committee thought this deal was being done too cheaply, but they signed off on it. I thought it was cheap too. </li>
<li>I thought that a leading activist in the name would think so too, and try his hand because of his running start of 7+%. Huge volume Day1 sparked wider interest.</li>
<li>It has traded every day so far above terms so far but on the first full day of trading, the activist Murakami-san bailed. That changes things, but... it's still funky.</li>
</ul>



Toyo Construction (1890 JP)'s Independent Committee thought this deal was being done too cheaply, but they signed off on it. I thought it was cheap too. 
I thought that a leading activist in the name would think so too, and try his hand because of his running start of 7+%. Huge volume Day1 sparked wider interest.
It has traded every day so far above terms so far but on the first full day of trading, the activist Murakami-san bailed. That changes things, but... it's still funky.


Toyo Construction (1890) Tender Situation Indeed Getting Funky

Japan

INFRONEER Holdings Inc. offers infrastructure construction services. The Company provides energy construction, road construction, airport construction, exhibition hall construction, and more. INFRONEER Holdings also produces construction equipment.

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INFRONEER Holdings (5076 JP)

ToyoKen (1890)- Infroneer Declines to Bid Up, YFO Now In Driver's Seat - Now It's A Range Trade

Toyo Construction asked Infroneer to hike the ¥770/share bid. Infroneer said they couldn't. TC now opens this up to engagement with YFO, maybe...

Travis Lundy

ToyoKen (1890) Mystery Bidder Is Yamauchi No. 10 Family Office - And That Changes Things

The Mystery Bidders WK 1-3 are, according to a Nikkei article in mid-day, Yamauchi Number 10 Family Office. This changes things. It is worth...

Travis Lundy

Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

The WK 1.2.3 entities are now (as of 5 April) 17.3% of the Toyo Construction register, nearing Infroneer's 20%. They may already be there on a...

Travis Lundy

Toyo Construction (1890) Funkier Still

The Sudden New Entrant On The Scene called WK 1 today announced it had upped its stake on the 25th, buying 43% of volume. Now 8.6%. If they bought...

Travis Lundy

Toyo Construction (1890) Tender Situation Indeed Getting Funky

The Toyo Construction TOB was launched at too low a price with too open a register, with an activist in it. Now the activist has bailed. Lots of...

Travis Lundy

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