Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 35 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a>'s tilt for <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>; Bain's MBO for <a href="https://www.smartkarma.com/entities/tri-stage-inc" target="_blank" data-smartkarma-citation="entities:5685:1" rel="noopener">Tri Stage Inc (2178 JP)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, and <a href="https://www.smartkarma.com/entities/suchuang-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:304:1" rel="noopener">Suchuang Gas Corp (1430 HK)</a>.</li>
</ul>


There are 35 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
Two new deals this week: WT Microelectronics (3036 TT)'s tilt for Excelpoint Technology (EXLP SP); Bain's MBO for Tri Stage Inc (2178 JP).
Key updates took place for: Toyo Construction (1890 JP), Uniti Group Ltd (UWL AU), Western Areas (WSA AU), and Suchuang Gas Corp (1430 HK).


Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas

Travis Lundy

<ul>
<li>A Nikkei article this morning says the mystery bidder behind WK1/2/3 Limited is Nintendo founding family's Yamauchi No.10 Family Office. This changes things more than just knowing their identity does.</li>
<li>To start, their website is the most fun investment management company website I have come across. It's great.  <a href="https://y-n10.com/" target="_blank" rel="noopener">https://y-n10.com/</a>. It's also well worth reading. It's also worth noting their history.</li>
<li>Understanding the parameters here is key to understanding possible next steps.</li>
</ul>


A Nikkei article this morning says the mystery bidder behind WK1/2/3 Limited is Nintendo founding family's Yamauchi No.10 Family Office. This changes things more than just knowing their identity does.
To start, their website is the most fun investment management company website I have come across. It's great.  https://y-n10.com/. It's also well worth reading. It's also worth noting their history.
Understanding the parameters here is key to understanding possible next steps.


ToyoKen (1890) Mystery Bidder Is Yamauchi No. 10 Family Office - And That Changes Things

<ul>
<li>WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.</li>
<li>On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.</li>
<li>I offer consolidated thoughts and like the idea of buying the dip.</li>
</ul>


WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.
On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.
I offer consolidated thoughts and like the idea of buying the dip.


Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s Scheme Document flags the abolishment of the headcount test may become law ahead of the shareholder meeting. That is a game-changer. If true.</li>
<li>
<a href="https://www.smartkarma.com/entities/daiho-corp" target="_blank" data-smartkarma-citation="entities:19647:1" rel="noopener">Daiho Corp (1822 JP)</a> has announced a deal which is not quite what it looks like. This situation is kind of a governance disaster.</li>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> backs the revised Morrison/Brookfield tilt and severs ties with Macquarie</li>
</ul>



Razer Inc (1337 HK)'s Scheme Document flags the abolishment of the headcount test may become law ahead of the shareholder meeting. That is a game-changer. If true.

Daiho Corp (1822 JP) has announced a deal which is not quite what it looks like. This situation is kind of a governance disaster.

Uniti Group Ltd (UWL AU) backs the revised Morrison/Brookfield tilt and severs ties with Macquarie


Last Week in Event SPACE: Razer, Daiho, Uniti Group, Toshiba, Tabcorp, China Conch

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.</li>
<li>Now one has to consider what the rest of this week has looked like.</li>
<li>And we wonder who it is, but <a href="https://www.smartkarma.com/insights/toyo-construction-1890-tender-situation-indeed-getting-funky" target="_blank" rel="noopener">reading between the lines</a> can get you to a place where one might see what the aim is. </li>
</ul>



Toyo Construction (1890 JP) situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.
Now one has to consider what the rest of this week has looked like.
And we wonder who it is, but reading between the lines can get you to a place where one might see what the aim is. 


Japan

TOYO CONSTRUCTION CO., LTD. performs marine civil engineering works. The Company provides reclamation and ground improvement works. Toyo Construction also constructs infrastructure such as water purification systems.  The Company builds commercial and institutional buildings, operating real estate businesses.

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

Toyo Construction (1890 JP)

Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas

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

ToyoKen (1890) Mystery Bidder Is Yamauchi No. 10 Family Office - And That Changes Things

The Mystery Bidders WK 1-3 are, according to a Nikkei article in mid-day, Yamauchi Number 10 Family Office. This changes things. It is worth...

Travis Lundy

Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

The WK 1.2.3 entities are now (as of 5 April) 17.3% of the Toyo Construction register, nearing Infroneer's 20%. They may already be there on a...

Travis Lundy

Last Week in Event SPACE: Razer, Daiho, Uniti Group, Toshiba, Tabcorp, China Conch

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

Toyo Construction (1890) Funkier Still

The Sudden New Entrant On The Scene called WK 1 today announced it had upped its stake on the 25th, buying 43% of volume. Now 8.6%. If they bought...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)