Daily Brief Financials: New World Development, Groupe Bruxelles Lambert Sa, M3-Brigade Acquisition V Corp, Laris Growth Acquisition, Arr Planner, Tången Industrikapital and more

• In NWD (17 HK): Edging Towards A Bailout, I mentioned New World Development (17 HK) was reportedly in negotiations with the Hong Kong Airport Authority on its 11 Skies project.
• In its FY26 results, ahead of the national holiday, NWD posted an HK$18.3bn writedown as part of an early termination agreement of the project with the AAHK.
• NWD was expected to pay rent on 11 Skies of at least HK$1.8bn/annum from 2028 through to 2066; therefore, there is some consolation here from the termination.

• Vivendi’s restated discount widened to 55.4%, while GBL moved to 27.6%; the former offers greater upside, but GBL retains the cleaner balance sheet and catalyst profile.
• Porsche SE’s discount held at 30.3%, but the final rejection of €5.4bn of investor claims removes a major legal tail risk without changing our NAV.
• Investor and Industrivärden remain around or above NAV, while Rio’s 23.1% Australian premium remains interesting mainly when the DLC spread moves towards historical extremes.

• The Rebranding of MBAV to Velos Acquisition I Corp (VLOS) after the ReserveOne collapse is a high-stakes sponsor gamble. Rather than liquidating in June 2026 after terminating its $1 billion digital asset merger, the sponsor (CC Capital’s MI7 affiliate) chose to rebrand, extend the deadline to August 2, 2027, and convert all 7,187,500 Class B founder shares to Class A shares to eliminate the traditional promote overhang.
• Redemptions have severely depleted the trust, shifting the transaction math entirely toward structured PIPEs. Following the July 2026 extraordinary general meeting, massive redemptions of approximately $110.2 million shrunk the trust from its original $287.5 million post-IPO high to exactly $177,286,938. Any future transaction will require a structured, highly negotiated PIPE or convertible note facility to meet minimum cash closing conditions.
• The regulatory hurdle under SEC Subpart 1600 of Regulation S-K has fundamentally altered the S-4 filing timeline. The mutual termination with ReserveOne was driven not just by digital asset market volatility, but by the compounding friction of SEC disclosure mandates, specifically the target co-registrant liability, board advisory determinations, and intensive auditing requirements for underlying digital asset holdings.

• Laris Growth Acquisition Corp. is a blank check company formed to effect a business combination, focusing on high-growth deep-tech businesses with compelling valuation arbitrage and need for scaled growth capital.
• The company focuses on high-growth deep-tech businesses in Quantum Computing, Next-Generation Space, and Intelligent Autonomous Systems across Europe, Australia/New Zealand, and the United States.
• As of May 31, 2026, the company reported $3,062 in working capital and shareholders’ equity, but public shareholders face approximately 108.7% dilution upon closing.

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• Arr Planner’s affordable luxury positioning continues to drive strong growth amid a competitive homebuilding market, with record company-wide H1 order value.
• Gross margin continued to expand on higher per-unit selling prices across both custom-built and development homes, supported by stronger product appeal and brand image.
• With the broader homebuilding industry raising prices, the Company has room to lift unit prices.

• Strategic Pivot to Direct Private Equity: Groupe Bruxelles Lambert (GBL) is actively transitioning from a passive, listed-asset holding company to a direct, private equity-style control investor. This is led by ex-KKR EMEA Chairman Johannes Huth, who assumed executive leadership in May 2025. To fund this pivot, GBL has executed aggressive portfolio simplification, winding down its GBL Capital funds program (raising €1.7 billion through LP-led secondaries) and divesting its third-party asset management division, Sienna Investment Managers.
• Holdco Discount and Family Friction: GBL trades at a persistent ~31% discount to its €13.1 billion net asset value (NAV). While management targets the discount via structural simplification and an eighth share buyback program (€598.9 million envelope), the dual-family control (Desmarais and Frère) enforces rigid structural boundaries. Cross-border capital flow tax leakages (such as optimizing through Luxembourg-based vehicles like Serena S.à r.l.) and a conservative loan-to-value (LTV) framework cap the speed and agility of GBL’s capital recycling.
• Execution Risks in Mega-Deals: GBL’s push into direct private assets is meeting stiff market friction. Its joint €10.7 billion take-private bid for Recordati with CVC Capital Partners at €51.29 per share has faced intense public pushback from activist investor Palliser Capital, which demands at least €60 per share. This highlight’s GBL’s vulnerability to valuation inflation and minority-shareholder resistance as it enters large-scale private equity bidding wars without the deep operational specialist benches of pure-play competitors.

• High-Compounding Nordic Industrial Serial Acquirer: Tången Industrikapital AB (publ) has established a scalable decentralized acquisition platform focused on high-barrier B2B niches across Regulatory Expertise, Service Solutions, and Industrial Technology, generating a 2023–2025 net sales CAGR of 44.8% to reach SEK 1,595.2m.
• Substantial Margin Expansion and Cash Generation: Pricing power in mission-critical and compliance-led end markets expanded EBITDA margins from 8.97% in 2023 to 13.33% in 2025, driving net income up 259% to SEK 103.2m and delivering SEK 169.8m in Free Cash Flow to Equity (FCFE) in FY2025.
• Strong Balance Sheet Backing Disciplined M&A: Following its mid-2026 Nasdaq Stockholm listing at SEK 67.00 per share (currently trading at SEK 81.20), Tången maintains a robust capital position to execute its steady acquisition cadence of 4 to 5 accretive add-ons annually while avoiding over-leveraged roll-up risks.

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