Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 24 November, <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> cancelled the Poison Pill EGM scheduled for 25 November, and changed its SBI TOB Opinion to Neutral. SBI has agreed to respect Shinsei...</li>
<li>...management policy &amp; business strategy as per 12 November DICJ letter, and effect stable transition of management. That it is a partial TOB at a too low price, so...</li>
<li>...Shinsei will not support. BUT... the BIGGEST problem comes next. And it is a doozy. There are post-tender complications which require contortions to resolve. </li>
</ul>


On 24 November, Shinsei Bank (8303 JP) cancelled the Poison Pill EGM scheduled for 25 November, and changed its SBI TOB Opinion to Neutral. SBI has agreed to respect Shinsei...
...management policy &amp; business strategy as per 12 November DICJ letter, and effect stable transition of management. That it is a partial TOB at a too low price, so...
...Shinsei will not support. BUT... the BIGGEST problem comes next. And it is a doozy. There are post-tender complications which require contortions to resolve. 


Shinsei Drops Opposition to SBI TOB; A Fascinating Post-Tender Game of 🐔

<ul>
<li>Overnight, NHK and Nikkei reported that the Deposit Insurance Corporation of Japan is leaning towards voting AGAINST the Poison Pill in the Shinsei EGM Thursday.</li>
<li>Given SBI has 20.32% of the vote and the DICJ has 23.31%, that would make passage of the Poison Pill defence more likely to fail. </li>
<li>Investors should be looking at what could happen if the vote fails. </li>
</ul>


Overnight, NHK and Nikkei reported that the Deposit Insurance Corporation of Japan is leaning towards voting AGAINST the Poison Pill in the Shinsei EGM Thursday.
Given SBI has 20.32% of the vote and the DICJ has 23.31%, that would make passage of the Poison Pill defence more likely to fail. 
Investors should be looking at what could happen if the vote fails. 


Shinsei EGM:  Govt May Vote AGAINST But Could Shinsei Rig The Vote?

<ul>
<li>This week will see the Shinsei shareholder vote regarding the Poison Pill which will determine whether SBI's Tender Offer to get to 48% will go forward.</li>
<li>Murakami-San and entities own 7.43% of shares out (and 9.16% of voting rights) as of 12 November. </li>
<li>His now-large presence in the shareholder register makes a post-vote outcome <em>much</em> more interesting. </li>
</ul>


This week will see the Shinsei shareholder vote regarding the Poison Pill which will determine whether SBI's Tender Offer to get to 48% will go forward.
Murakami-San and entities own 7.43% of shares out (and 9.16% of voting rights) as of 12 November. 
His now-large presence in the shareholder register makes a post-vote outcome much more interesting. 


Shinsei TOB & Poison Pill - Murakami-San's Presence Makes Things Complicated, But in a FUN 🦄 Way

<ul>
<li>The Deposit Insurance Corporation of Japan, which owns 23.3% of voting rights in <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> asked both SBI and Shinsei to provide answers to questions by 12 November</li>
<li>They both did on Friday and the answers were curiously lacklustre. If one of the two 'won' it may have been SBI. But we don't know what DICJ will do.</li>
<li>In other news, Shinsei reported results and a famous activist announced a 5+% stake.</li>
</ul>


The Deposit Insurance Corporation of Japan, which owns 23.3% of voting rights in Shinsei Bank (8303 JP) asked both SBI and Shinsei to provide answers to questions by 12 November
They both did on Friday and the answers were curiously lacklustre. If one of the two 'won' it may have been SBI. But we don't know what DICJ will do.
In other news, Shinsei reported results and a famous activist announced a 5+% stake.


SBI and Shinsei Responses to the DICJ and an Activist Joins the Party

David Blennerhassett

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<p>This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.</p>
</div>
<div>
<p>I number 49, mostly firm, deals around the region.</p>
</div>
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<p>More below the fold.</p>
</div>


This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.


I number 49, mostly firm, deals around the region.


More below the fold.


Asia-Pac Weekly Risk Arb Summary: Afterpay, Link Admin, Razer, AusNet, First Service

Japan

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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SBI Shinsei Bank (8303 JP)

Shinsei Drops Opposition to SBI TOB; A Fascinating Post-Tender Game of 🐔

Shinsei has announced it is calling off the Poison Pill EGM and going "neutral" on the Tender Offer. That means the TOB is going to be...

Travis Lundy

Shinsei EGM: Govt May Vote AGAINST But Could Shinsei Rig The Vote?

The news overnight (on what is a national holiday) is that the DICJ is leaning towards "not voting FOR" the Shinsei Poison Pill. That doesn't mean...

Travis Lundy

Shinsei TOB & Poison Pill - Murakami-San's Presence Makes Things Complicated, But in a FUN 🦄 Way

The Shinsei EGM is on the 25th. The Poison Pill looks like it is under threat if the DICJ doesn't take sides, which leaves an interesting outcome...

Travis Lundy

SBI and Shinsei Responses to the DICJ and an Activist Joins the Party

SBI & Shinsei both responded to the DICJ's questions, and curiously both come up with similar March 2025 profit expectations. It's not clear how...

Travis Lundy

Asia-Pac Weekly Risk Arb Summary: Afterpay, Link Admin, Razer, AusNet, First Service

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)