Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>Benson Hill exited after a +100% share price spike, despite a 38% loss; concerns over cash and buyout proposal persist.</li><li>Marlowe position closed with a 23% return; buybacks had no impact on share price, concerns over future decline.</li><li>DMC Global faces conflict with Steel Connect over valuation and acquisition proposals; Arcadia's former president returns.</li></ul>

Benson Hill exited after a +100% share price spike, despite a 38% loss; concerns over cash and buyout proposal persist.Marlowe position closed with a 23% return; buybacks had no impact on share price, concerns over future decline.DMC Global faces conflict with Steel Connect over valuation and acquisition proposals; Arcadia's former president returns.

SSI Weekly Newsletter: Portfolio Exits, Strategic Updates and Key Developments

<ul><li>Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.</li><li>Equity Commonwealth (EQC) in late-stage liquidation, with final distribution expected between $1-$2/share in Q1'25.</li><li>Marlowe (MRL:L) trades at 7.6x FY25 adjusted EBITDA, with potential upside if re-rated to 10-12x EBITDA.</li></ul>

Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.Equity Commonwealth (EQC) in late-stage liquidation, with final distribution expected between $1-$2/share in Q1'25.Marlowe (MRL:L) trades at 7.6x FY25 adjusted EBITDA, with potential upside if re-rated to 10-12x EBITDA.

Strategic Reviews, Liquidations, and Buybacks: Key Financial Developments in Biopharma, Real Estate

<ul><li>OCI N.V.'s expected mid-cycle EBITDA for the European Nitrogen business is clarified at $150m, affecting valuation calculations.</li><li>Currency Exchange International announced a new 5% share buyback authorization, with previous buyback pace remaining slow.</li><li>Grifols' potential reverse arbitrage trade involves long Class A shares, short Class B shares, amid merger considerations.</li></ul>

OCI N.V.'s expected mid-cycle EBITDA for the European Nitrogen business is clarified at $150m, affecting valuation calculations.Currency Exchange International announced a new 5% share buyback authorization, with previous buyback pace remaining slow.Grifols' potential reverse arbitrage trade involves long Class A shares, short Class B shares, amid merger considerations.

SSI Weekly: OCI's EBITDA Clarification, CURN Buyback, TIFS Deal, LTG Deadline, Grifols Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

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<li>
<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 (3382 JP)</a>'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a> is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.</li>
<li>Murakami-San is up to 23.5% of voting rights in <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. He would probably need 30% to be able to threaten a board spill.</li>
</ul>



Seven &amp; I (3382 JP)'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.

ESR (1821 HK) is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.
Murakami-San is up to 23.5% of voting rights in Exedy Corp (7278 JP). He would probably need 30% to be able to threaten a board spill.


Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings Ltd (RDY AU)</a> confirmed that it received a conditional, non-binding indicative proposal from Pacific Equity Partners (PEP) at A$4.50 per share, a 38.9% premium to the undisturbed price.</li>
<li>PEP aims to jointly work with Pemba, the largest shareholder with a 32.01% stake, on the proposal. Microequities, the second-largest shareholder, is said to oppose the offer.</li>
<li>The offer represents an all-time price high but struck at a discount to peer multiples, suggesting room for a bump. At last close, the spread to the offer is 8.4%.</li>
</ul>



ReadyTech Holdings Ltd (RDY AU) confirmed that it received a conditional, non-binding indicative proposal from Pacific Equity Partners (PEP) at A$4.50 per share, a 38.9% premium to the undisturbed price.
PEP aims to jointly work with Pemba, the largest shareholder with a 32.01% stake, on the proposal. Microequities, the second-largest shareholder, is said to oppose the offer.
The offer represents an all-time price high but struck at a discount to peer multiples, suggesting room for a bump. At last close, the spread to the offer is 8.4%.


ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?

United Kingdom

Learning Technologies Group plc provides various e-learning services and technologies to corporate and government clients in the United Kingdom, Switzerland, Rest of Europe, the United States, Canada, and internationally. The company produces interactive multimedia programmes. It also engages in mobile e-learning, bespoke e-learning, and educational games businesses, as well as operates employee benefit trust. In addition, the company provides gomo learning, a software as a service, which offers clients solution for creating, hosting, updating, and tracking their multi-device learning content, as well as Rustici Software that connects learning software for organizations and vendors. Learning Technologies Group plc was founded in 1986 and is based in London, the United Kingdom.

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Learning Technologies (LTG LN)

Strategic Reviews, Liquidations, and Buybacks: Key Financial Developments in Biopharma, Real Estate

Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.

Special Situation Investments

SSI Weekly: OCI's EBITDA Clarification, CURN Buyback, TIFS Deal, LTG Deadline, Grifols Trade

OCI N.V.'s expected mid-cycle EBITDA for the European Nitrogen business is clarified at $150m, affecting valuation calculations.

Special Situation Investments

Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

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

ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?

The offer represents an all-time share price high but struck at a discount to peer multiples, suggesting room for a bump. At the last close, the...

Arun George

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SSI Weekly Newsletter: Portfolio Exits, Strategic Updates and Key Developments

Benson Hill exited after a +100% share price spike, despite a 38% loss; concerns over cash and buyout proposal persist. Marlowe position closed...

Special Situation Investments

Strategic Reviews, Liquidations, and Buybacks: Key Financial Developments in Biopharma, Real Estate

Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.

Special Situation Investments

SSI Weekly: OCI's EBITDA Clarification, CURN Buyback, TIFS Deal, LTG Deadline, Grifols Trade

OCI N.V.'s expected mid-cycle EBITDA for the European Nitrogen business is clarified at $150m, affecting valuation calculations.

Special Situation Investments

Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

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

ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?

The offer represents an all-time share price high but struck at a discount to peer multiples, suggesting room for a bump. At the last close, the...

Arun George