Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 5 June, Affinity Equity Partners (AEP) announced that it is seeking a delisting of Lock&amp;Lock (115390 KS) shares through a comprehensive stock exchange. </li>
<li>It has been reported that the second tender offer failed. Only 1.5% of the outstanding shares participated in the second tender offer, falling short of the 9.5% participation required.</li>
<li>Affinity plans to transfer the shares of Lock&amp;Lock held by an overseas corporation to a domestic corporation (investment-in-kind) and then go through a comprehensive stock exchange procedure.</li>
</ul>


On 5 June, Affinity Equity Partners (AEP) announced that it is seeking a delisting of Lock&amp;Lock (115390 KS) shares through a comprehensive stock exchange. 
It has been reported that the second tender offer failed. Only 1.5% of the outstanding shares participated in the second tender offer, falling short of the 9.5% participation required.
Affinity plans to transfer the shares of Lock&amp;Lock held by an overseas corporation to a domestic corporation (investment-in-kind) and then go through a comprehensive stock exchange procedure.


Affinity Equity Partners Seeking Delisting of Lock & Lock Through Comprehensive Stock Exchange

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There is <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> buyback risk that might cause <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/JPB unwinds; though probably a H2 risk.</li>
<li>
<a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> has consistently traded through <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a>'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.</li>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. </li>
</ul>


There is Japan Post Bank (7182 JP) buyback risk that might cause Japan Post Holdings (6178 JP)/JPB unwinds; though probably a H2 risk.

Great Eastern Holdings (GE SP) has consistently traded through OCBC (OCBC SP)'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.

L'Occitane (973 HK)'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. 


Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

<ul>
<li>On 15 May, it was reported in the local media that Affinity Equity Partners (AEP) is expected to launch a second tender offer for Lock &amp; Lock (115390 KS).</li>
<li>The tender offer price in this second tender offer is 8,750 won (same as the first tender offer). The second tender offer will last from 16 May to 5 June.</li>
<li>In the first tender offer, only about half of the target was reached. There was a strong backlash from investors due to low tender offer price.</li>
</ul>


On 15 May, it was reported in the local media that Affinity Equity Partners (AEP) is expected to launch a second tender offer for Lock &amp; Lock (115390 KS).
The tender offer price in this second tender offer is 8,750 won (same as the first tender offer). The second tender offer will last from 16 May to 5 June.
In the first tender offer, only about half of the target was reached. There was a strong backlash from investors due to low tender offer price.


Lock & Lock: Second Tender Offer by Affinity Equity Partners

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona (2168 JP)</a>will pay out 10-20% of the extraordinary gain from the <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a> sale. It will take its sweet time doing so. For no apparent reason.</li>
<li>
<a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a>'s first-ever scrip dividend provides the means for the Chan Family to indirectly chip away at minorities. </li>
<li>
<a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> accountant resignation announcement is a nothing burger. An  update on PRC regulatory approvals would be welcome about now though. </li>
</ul>



Pasona (2168 JP)will pay out 10-20% of the extraordinary gain from the Benefit One (2412 JP) sale. It will take its sweet time doing so. For no apparent reason.

Hang Lung Properties (101 HK)'s first-ever scrip dividend provides the means for the Chan Family to indirectly chip away at minorities. 

Hollysys Automation Technologies (HOLI US) accountant resignation announcement is a nothing burger. An  update on PRC regulatory approvals would be welcome about now though. 


Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>The tendering price is ₩8,750, roughly 7% higher than the last close. However, Affinity's commitment makes this event noteworthy.</li>
<li>Lock&amp;Lock requires Affinity to target 30%. To reach 95%, securing 25% is needed, much higher than SsangYong C&amp;E, indicating potential price volatility.</li>
<li>A second public offering is likely due to the widening gap between the ownership threshold and actual acquisition percentage in Lock&amp;Lock. This could impact prices significantly during the tendering period.</li>
</ul>


The tendering price is ₩8,750, roughly 7% higher than the last close. However, Affinity's commitment makes this event noteworthy.
Lock&amp;Lock requires Affinity to target 30%. To reach 95%, securing 25% is needed, much higher than SsangYong C&amp;E, indicating potential price volatility.
A second public offering is likely due to the widening gap between the ownership threshold and actual acquisition percentage in Lock&amp;Lock. This could impact prices significantly during the tendering period.


Lock&Lock Tender Offer: Different Trading Angles Compared to Recent Ssangyong C&E Case

South Korea

LOCK&LOCK CO., LTD. produces and sells plastic food storage and outdoor airtight containers.  The Company also produces various materials such as ceramic ware, pot, glass, and other kitchen stuffs.

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Lock&Lock (115390 KS)

Affinity Equity Partners Seeking Delisting of Lock & Lock Through Comprehensive Stock Exchange

On 5 June, Affinity Equity Partners (AEP) announced that it is seeking a delisting of Lock&Lock (115390 KS) shares through a comprehensive stock...

Douglas Kim

Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Lock & Lock: Second Tender Offer by Affinity Equity Partners

On 15 May, it was reported in the local media that Affinity Equity Partners (AEP) is expected to launch a second tender offer for Lock & Lock...

Douglas Kim

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Lock&Lock Tender Offer: Different Trading Angles Compared to Recent Ssangyong C&E Case

This post delves into the trading perspectives of the Lock&Lock tender offer, highlighting its differences from the recent Ssangyong C&E case.

Sanghyun Park

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