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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/riso-kyoiku-co-ltd" target="_blank" data-smartkarma-citation="entities:20848:1" rel="noopener">Riso Kyoiku (4714 JP)</a> announced a partial tender offer and third-party allotment with <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a>, the largest shareholder. Hulic aims to make Riso Kyoiku a consolidated subsidiary.  </li>
<li>The offer is for a maximum of 39.4 million shares (23.15% post-allotment ownership ratio) at JPY320 per share, a 46.8% premium to the undisturbed price (5 April).</li>
<li>Irrevocable (from the founder and Chairman) represents a 9.26% post-allotment ownership ratio. The offer is light, but there is no minimum acceptance condition. </li>
</ul>



Riso Kyoiku (4714 JP) announced a partial tender offer and third-party allotment with Hulic Co Ltd (3003 JP), the largest shareholder. Hulic aims to make Riso Kyoiku a consolidated subsidiary.  
The offer is for a maximum of 39.4 million shares (23.15% post-allotment ownership ratio) at JPY320 per share, a 46.8% premium to the undisturbed price (5 April).
Irrevocable (from the founder and Chairman) represents a 9.26% post-allotment ownership ratio. The offer is light, but there is no minimum acceptance condition. 


Riso Kyoiku (4714 JP): Hulic (3003 JP)’s Partial Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Today, cram school operator <a href="https://www.smartkarma.com/entities/riso-kyoiku-co-ltd" target="_blank" data-smartkarma-citation="entities:20848:1" rel="noopener">Riso Kyoiku (4714 JP)</a> and 20% owner real estate developer <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> amended their Capital and Business Alliance agreement. </li>
<li>Hulic will buy 25.5% of shares out in a Partial Offer at +43.5% vs last. Then post-tender, they will buy shares at last from the company to go to 51.%</li>
<li>The founder will sell his 10%. The rest is interesting. It's a high ROE high div stock. Some own it from higher. Pro-ration is tough to estimate. But we try.</li>
</ul>


Today, cram school operator Riso Kyoiku (4714 JP) and 20% owner real estate developer Hulic Co Ltd (3003 JP) amended their Capital and Business Alliance agreement. 
Hulic will buy 25.5% of shares out in a Partial Offer at +43.5% vs last. Then post-tender, they will buy shares at last from the company to go to 51.%
The founder will sell his 10%. The rest is interesting. It's a high ROE high div stock. Some own it from higher. Pro-ration is tough to estimate. But we try.


Riso Kyoiku (4714) Partial Tender (¥320/Sh) Followed by Third Party Dilution To Get Hulic to 51%

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

<p>With the expiration of its eighteen-month deadline approaching in Mar 2017, Toshiba awaits the Tokyo Stock Exchange’s (TSE) final decision which will determine if it continues trading as a listed entity. A probe into the bourse’s recent history suggests that the company stands a good chance to get off the hook, provided the implementation of effective measures addressing the remaining loopholes in compliance and affiliated company management, highlighted in the TSE’s latest review in Dec 2016, is successful. With a lot at stake, not just limited to a delisting, the company is yet to reveal details on its action plan. However the big question on whether Toshiba will secure its listing in the aftermath of an impending financial scandal, and how, awaits an answer over the next three months.</p>

With the expiration of its eighteen-month deadline approaching in Mar 2017, Toshiba awaits the Tokyo Stock Exchange’s (TSE) final decision which will determine if it continues trading as a listed entity. A probe into the bourse’s recent history suggests that the company stands a good chance to get off the hook, provided the implementation of effective measures addressing the remaining loopholes in compliance and affiliated company management, highlighted in the TSE’s latest review in Dec 2016, is successful. With a lot at stake, not just limited to a delisting, the company is yet to reveal details on its action plan. However the big question on whether Toshiba will secure its listing in the aftermath of an impending financial scandal, and how, awaits an answer over the next three months.

Japan

RISO KYOIKU CO., LTD. operates cram schools (Juku) and provides academic tutoring and exam preparation on a one-on-one basis.  The Company's classes are primarily for elementary, junior, and high school students.

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

Riso Kyoiku (4714 JP)