Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A double dose of stubs this week! <a href="https://www.smartkarma.com/entities/t-way-air-co-ltd" target="_blank" data-smartkarma-citation="entities:25923:1" rel="noopener">T'Way Air (091810 KS)</a>'s second-largest shareholder is seeking to spill the board. T'way Air and <a href="https://www.smartkarma.com/entities/t-way-holdings-inc" target="_blank" data-smartkarma-citation="entities:16747:1" rel="noopener">T'Way Holdings (004870 KS)</a> are up big time.</li>
<li>Preceding my comments on the T'way Group are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


A double dose of stubs this week! T'Way Air (091810 KS)'s second-largest shareholder is seeking to spill the board. T'way Air and T'Way Holdings (004870 KS) are up big time.
Preceding my comments on the T'way Group are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: T'Way Air (091810 KS) Takes Off As Key Shareholder Seeks Board Spill

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">7&amp;I (3382 JP)</a>'s MBO is off. Itochu has apparently not been able to agree with Ito-san on board composition/representation and management control. That the MBO is off isn't surprising.</li>
<li>
<a href="https://www.smartkarma.com/entities/yangzijiang-shipbuilding-holdings-limited" target="_blank" data-smartkarma-citation="entities:660:1" rel="noopener">Yangzijiang Shipbuilding (YZJSGD SP)</a> is sucking wind as United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels</li>
<li>
<a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>'s Scheme comfortably gets up after a wild week of trading. </li>
</ul>



7&amp;I (3382 JP)'s MBO is off. Itochu has apparently not been able to agree with Ito-san on board composition/representation and management control. That the MBO is off isn't surprising.

Yangzijiang Shipbuilding (YZJSGD SP) is sucking wind as United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels

Pentamaster International (1665 HK)'s Scheme comfortably gets up after a wild week of trading. 


Last Week in Event SPACE: Seven & I, Yangzijiang Shipbuilding, Pentamaster Int'l, T'Way Holdings

<ul>
<li>Daemyung Sono Group will acquire a controlling 46.26% stake in <a href="https://www.smartkarma.com/entities/t-way-holdings-inc" target="_blank" data-smartkarma-citation="entities:16747:1" rel="noopener">T'Way Holdings (004870 KS)</a> (THI) held by <a href="https://www.smartkarma.com/entities/yearimdang-publishing-co-ltd" target="_blank" data-smartkarma-citation="entities:17568:1" rel="noopener">Yearimdang Publishing (036000 KS)</a> and family members. THI appears stretched. But is it?</li>
<li>Preceding my comments on the T'way Group are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Daemyung Sono Group will acquire a controlling 46.26% stake in T'Way Holdings (004870 KS) (THI) held by Yearimdang Publishing (036000 KS) and family members. THI appears stretched. But is it?
Preceding my comments on the T'way Group are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Daemyung Sono Takes Control Of T'Way Holdings (004870 KS)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>After the market close on 17 February, it was announced that the Daemyung Sono Group is  close to acquiring the controlling stake in T'Way Air (091810 KS) from Yelimdang.</li>
<li>As the negotiations between the two sides have come to a near agreement, Daemyung Sono is expected to be able to appoint nine directors at the next upcoming AGM.</li>
<li>Typically in cases like this in Korea, the near term impact would be decline in share prices of T'Way Air and T'Way Holdings due to lack of an M&amp;A play.</li>
</ul>


After the market close on 17 February, it was announced that the Daemyung Sono Group is  close to acquiring the controlling stake in T'Way Air (091810 KS) from Yelimdang.
As the negotiations between the two sides have come to a near agreement, Daemyung Sono is expected to be able to appoint nine directors at the next upcoming AGM.
Typically in cases like this in Korea, the near term impact would be decline in share prices of T'Way Air and T'Way Holdings due to lack of an M&amp;A play.


Daemyung Sono Group: Close to Acquiring the Controlling Stake in T'Way Air

<ul>
<li>In the past two trading days, share prices of T'Way Air (091810 KS) and T'Way Holdings (004870 KS) are down 16.4% and 14.1%, respectively.</li>
<li>According to Hankyung daily, Daemyung Sono Group Chairman Seo may choose to wage a public opinion war, instead of purchasing additional shares.  </li>
<li>If Daemyung Sono Group is unable to take over the management control of T'Way Air using this method, then a potential tender offer of T'Way Air is possible later on. </li>
</ul>


In the past two trading days, share prices of T'Way Air (091810 KS) and T'Way Holdings (004870 KS) are down 16.4% and 14.1%, respectively.
According to Hankyung daily, Daemyung Sono Group Chairman Seo may choose to wage a public opinion war, instead of purchasing additional shares.  
If Daemyung Sono Group is unable to take over the management control of T'Way Air using this method, then a potential tender offer of T'Way Air is possible later on. 


Daemyung Sono Group May Wage a Public Opinion War for T'Way Air

South Korea

T'way Holdings Incorporation manufactures and supplies ready-mixed concrete and concrete  piles to construction sites.  The Company also operates a toy discount store, a theme park, and rental business.

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

T'Way Holdings (004870 KS)

StubWorld: T'Way Air (091810 KS) Takes Off As Key Shareholder Seeks Board Spill

TAH is trading at a 44% disc. to NAV, and overshot the mark vs. TAC. But you can't short sell. And TAC isn't inexpensive vs. domestic peers. I'd...

David Blennerhassett

Last Week in Event SPACE: Seven & I, Yangzijiang Shipbuilding, Pentamaster Int'l, T'Way Holdings

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

StubWorld: Daemyung Sono Takes Control Of T'Way Holdings (004870 KS)

T'way Air looks interesting. A merger with Air Premia is looking likely. YeaRimDang also appears heavily discounted here post sale

David Blennerhassett

Daemyung Sono Group: Close to Acquiring the Controlling Stake in T'Way Air

Daemyung Sono Group announced that it signed a stock purchase agreement to acquire a 46.26% stake in T'way Holdings held by Yearimdang Publishing...

Douglas Kim

Daemyung Sono Group May Wage a Public Opinion War for T'Way Air

According to Hankyung daily, Daemyung Sono Group Chairman Seo may choose to wage a public opinion war, instead of purchasing additional shares.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)