Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Sanei Architecture Planning / Event-Driven

<ul>
<li>[cue Tom Hardy gif saying "That's Bait"]. But yes, this story has a backstory to the Japanese underworld, and while the original sin may have been minor, it's everything.</li>
<li>The firm was raided, the CEO resigned, a govt authority "recommended" Sanei get rid of Mr Koike's influence, banks got antsy, employee morale dropped. Sanei needed a saviour.</li>
<li>Koike-San asked <a href="https://www.smartkarma.com/entities/open-house-co-ltd" target="_blank" data-smartkarma-citation="entities:19550:1" rel="noopener">Open House (3288 JP)</a> to buy his shares. They agreed to take over the company. It's basically a done deal with a possible twist.</li>
</ul>


[cue Tom Hardy gif saying "That's Bait"]. But yes, this story has a backstory to the Japanese underworld, and while the original sin may have been minor, it's everything.
The firm was raided, the CEO resigned, a govt authority "recommended" Sanei get rid of Mr Koike's influence, banks got antsy, employee morale dropped. Sanei needed a saviour.
Koike-San asked Open House (3288 JP) to buy his shares. They agreed to take over the company. It's basically a done deal with a possible twist.


Sanei Architecture Planning (3228) Finds Saviour from Mafia-Linked Former Boss and Majority Owner

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/sanei-architecture-planning" target="_blank" data-smartkarma-citation="entities:2065:1" rel="noopener">Sanei Architecture Planning (3228 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/open-house-co-ltd" target="_blank" data-smartkarma-citation="entities:19550:1" rel="noopener">Open House (3288 JP)</a>’s tender offer of JPY2,025 per share, an 18.0% premium to the undisturbed price (15 August).</li>
<li>The transaction is required to facilitate the exit of Mr Koike, the largest shareholder, and satisfy Article 27 of the Tokyo Metropolitan Organized Crime Exclusion Ordinance.</li>
<li>Irrevocables represent a 64.21% ownership ratio, and the lower limit requires a 6.9% minority acceptance rate. The offer is a reasonable solution to the current predicament. </li>
</ul>



Sanei Architecture Planning (3228 JP) has recommended Open House (3288 JP)’s tender offer of JPY2,025 per share, an 18.0% premium to the undisturbed price (15 August).
The transaction is required to facilitate the exit of Mr Koike, the largest shareholder, and satisfy Article 27 of the Tokyo Metropolitan Organized Crime Exclusion Ordinance.
Irrevocables represent a 64.21% ownership ratio, and the lower limit requires a 6.9% minority acceptance rate. The offer is a reasonable solution to the current predicament. 


Sanei Architecture Planning (3228 JP): Open House's JPY2,025 Tender Offer

David Blennerhassett

<ul>
<li>The BIG Risk is that <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> sells its stake in <a href="https://www.smartkarma.com/entities/fujitsu-general-ltd" target="_blank" data-smartkarma-citation="entities:2025:1" rel="noopener">Fujitsu General (6755 JP)</a> to someone in a below-market tender offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> may still see more outperformance from its  latest buyback. But it's up ~29% since the company announced it was buying both the As and Bs. </li>
<li>
<a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>'s shares continue to edge up after its founder recently increased its stake. </li>
</ul>


The BIG Risk is that Fujitsu Ltd (6702 JP) sells its stake in Fujitsu General (6755 JP) to someone in a below-market tender offer.

Swire Pacific (A) (19 HK) may still see more outperformance from its  latest buyback. But it's up ~29% since the company announced it was buying both the As and Bs. 

Li Ning (2331 HK)'s shares continue to edge up after its founder recently increased its stake. 


Last Week in Event SPACE: Fujitsu General, Swire Pacific, Li Ning, IJJT

Hollysys Automation Technologies / Event-Driven

<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>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/seedheiwa-co-ltd" target="_blank" data-smartkarma-citation="entities:5246:1" rel="noopener">Seedheiwa (1739 JP)</a>'s (now Meldia DC) Tender Offer; and <a href="https://www.smartkarma.com/entities/boart-longyear-ltd" target="_blank" data-smartkarma-citation="entities:4075:1" rel="noopener">Boart Longyear (BLY AU)</a>'s ignominious exit. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT (7315 JP)</a>, <a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754:1" rel="noopener">Shidax Corp (4837 JP)</a>, <a href="https://www.smartkarma.com/entities/ohizumi-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:3391:1" rel="noopener">Ohizumi Mfg (6618 JP)</a>, and <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>.</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.
Two new deals discussed this week: Seedheiwa (1739 JP)'s (now Meldia DC) Tender Offer; and Boart Longyear (BLY AU)'s ignominious exit. 
Key updates took place on: Orecorp (ORR AU), Symbio Holdings (SYM AU), IJTT (7315 JP), Shidax Corp (4837 JP), Ohizumi Mfg (6618 JP), and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Meldia DC, Boart Longyear, Orecorp, Symbio, Shidax, Hollysys

<ul>
<li>
<a href="https://www.smartkarma.com/entities/open-house-co-ltd" target="_blank" data-smartkarma-citation="entities:19550:1" rel="noopener">Open House (3288 JP)</a> took over <a href="https://www.smartkarma.com/entities/sanei-architecture-planning" target="_blank" data-smartkarma-citation="entities:2065:1" rel="noopener">Sanei Architecture Planning (3228 JP)</a> this past autumn when banks forced the issue over the former CEO/owner's mafia ties discovered in an investigation.</li>
<li>
<a href="https://www.smartkarma.com/entities/seedheiwa-co-ltd" target="_blank" data-smartkarma-citation="entities:5246:1" rel="noopener">Seedheiwa (1739 JP)</a> now better known as Meldia DC, is ~60% held by Sanei Architecture Planning, and 3% by Mr Koike. It has debt. So it needs cleaning up too.</li>
<li>This is too light for minorities, and even lighter for whole co, but it's a done deal. </li>
</ul>



Open House (3288 JP) took over Sanei Architecture Planning (3228 JP) this past autumn when banks forced the issue over the former CEO/owner's mafia ties discovered in an investigation.

Seedheiwa (1739 JP) now better known as Meldia DC, is ~60% held by Sanei Architecture Planning, and 3% by Mr Koike. It has debt. So it needs cleaning up too.
This is too light for minorities, and even lighter for whole co, but it's a done deal. 


Meldia DC (1739 JP) - Open House Group Cleans Up Sanei Architecture Sub in TOB.

Japan

SANEI ARCHITECTURE PLANNING CO., LTD. develops and sells residential and commercial properties in the Tokyo metropolis as well as neighboring Chiba, Saitama, and Kanagawa prefectures.  The Company also constructs, leases, and manages properties for both individual and corporate clients.

Sanei Architecture Planning (3228 JP)

Sanei Architecture Planning (3228) Finds Saviour from Mafia-Linked Former Boss and Majority Owner

Sanei Architecture Planning (3228) got in a spot of bother with a yakuza-linked payment. That is forcing the change in control, and a tender offer...

Travis Lundy