In today’s briefing:
- End of Mandatory Lock-Up Periods for 53 Companies in Korea in February 2024
- StubWorld: Upside To Delek (DK US)’s Downstream Ops
- ADX Energy (ASX: ADX): Operations on track
- Chariot Limited (AIM: CHAR): Milestone for the electricity trading business in South Africa
End of Mandatory Lock-Up Periods for 53 Companies in Korea in February 2024
- We discuss the end of the mandatory lock-up periods for 53 stocks in Korea in February 2024, among which 3 are in KOSPI and 50 are in KOSDAQ.
- These 53 stocks on average could be subject to further selling pressures in February and could underperform relative to the market.
- The top five market cap stocks including those with 1% or higher A/B ratio include the following: Sam A Aluminum, Jeio, HLB Therapeutics, Polaris Office, and Mirae Asset Venture Investment.
StubWorld: Upside To Delek (DK US)’s Downstream Ops
- A change of pace from the usual Asia-Pac stubs: Delek US (DK US), a deep value downstream refining and logistic (via 78.7% held Delek Logistics Partners (DKL US)) play
- Preceding my comments on Delek are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
ADX Energy (ASX: ADX): Operations on track
- • 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications).
- Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility. • Drilling at the high impact Welchau-1 well targeting between 365 bcf and 1,128 bcf gross prospective resources is expected to commence in early February.
Chariot Limited (AIM: CHAR): Milestone for the electricity trading business in South Africa
- • Etana Energy (49% held by Chariot) has signed a PPA with Growthpoint Properties to supply 195 GWh per year of renewable energy.
- Etana will wheel electricity to their commercial property buildings located in several jurisdictions in South Africa. • The electricity that will be wheeled by Etana includes 30GWh per annum of hydroelectric power from Serengeti Energy.
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