Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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)

<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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In the past several days, there have been an increased speculation in the local media about a potential M&amp;A fight for T'Way Air between Yearimdang Publishing and Daemyung Sono Group. </li>
<li>The difference in ownership of T'Way Air by Daemyung Sono Group and Yearimdang Group is only 3.2%, which could lead to an intensified management rights dispute. </li>
<li>According to local sources, Daemyung Sono Group has recently contacted several law firms to review plans to potentially conduct a tender offer on T'Way Air. </li>
</ul>


In the past several days, there have been an increased speculation in the local media about a potential M&amp;A fight for T'Way Air between Yearimdang Publishing and Daemyung Sono Group. 
The difference in ownership of T'Way Air by Daemyung Sono Group and Yearimdang Group is only 3.2%, which could lead to an intensified management rights dispute. 
According to local sources, Daemyung Sono Group has recently contacted several law firms to review plans to potentially conduct a tender offer on T'Way Air. 


T'Way Air: Increasing Possibility of an M&A Fight Between Yearimdang and Daemyung Sono Group

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>It’s unclear if this will turn into a tender offer battle like Korea Zinc, and we need to assess both sides’ financial strength carefully.</li>
<li>Today’s reports suggest Sono has more financial flexibility than T'way Holdings, but we should be cautious. T'way Air might also consider buying back shares with borrowed funds.</li>
<li>T'way Air has fewer institutional investors and more available float than Korea Zinc, suggesting significant price swings and an attractive trading setup, as seen in today’s volume spike.</li>
</ul>


It’s unclear if this will turn into a tender offer battle like Korea Zinc, and we need to assess both sides’ financial strength carefully.
Today’s reports suggest Sono has more financial flexibility than T'way Holdings, but we should be cautious. T'way Air might also consider buying back shares with borrowed funds.
T'way Air has fewer institutional investors and more available float than Korea Zinc, suggesting significant price swings and an attractive trading setup, as seen in today’s volume spike.


Digging into Today’s Potential T'way Air Tender Offer Saga

South Korea

Yearimdang Publishing Co., Ltd. specializes in educational book publishing and wireless telecommunication equipments.  The Company has wireless products such as Fixed Wireless Terminal, automobile GGS, and wristband GPS.

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Yearimdang Publishing (036000 KS)

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

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

T'Way Air: Increasing Possibility of an M&A Fight Between Yearimdang and Daemyung Sono Group

In the past several days, there have been an increased speculation in the local media about a potential M&A fight for T'Way Air between Yearimdang...

Douglas Kim

Digging into Today’s Potential T'way Air Tender Offer Saga

This post dives into today’s potential T'way Air tender offer saga, unpacking the local media reports that circulated in the market throughout the...

Sanghyun Park

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