In today’s briefing:
- T&K Toka (4636 JP): Bain Decision Time as Progress Made on a Pre-Condition
- Ecopro Materials: Overshooting Share Price and Upcoming End of Lockup in December
- Company Update – Elastron S.A.
T&K Toka (4636 JP): Bain Decision Time as Progress Made on a Pre-Condition
- T&K Toka Co Ltd (4636 JP) has satisfied the precondition of selling its Hangzhou Toka Ink stake to hold less than 30%. The offer is targeted for early January.
- Due to Dalton’s stake building, the shares have consistently traded above Bain’s pre-conditional JPY1,400 offer. Bain can either launch the tender with unchanged terms or bump the offer.
- A bump is likely as, despite the irrevocables, satisfying the minimum acceptance condition is challenging. The Board will struggle to recommend the offer if the shares remain above terms.
Ecopro Materials: Overshooting Share Price and Upcoming End of Lockup in December
- In this insight, we discuss the upcoming end of lockup in December for Ecopro Materials and why we believe Ecopro Materials’ share price will be much lower in 6-12 months.
- A combination of the potential inclusion in KOSPI Fast Entry plus the temporary ban on short selling of stocks in Korea has helped to push up Ecopro Materials’ share price.
- However, despite this sharp share price run-up, we think the risk-reward is horrible on this stock in terms of bigger downside risk in the next 6-12 months.
Company Update – Elastron S.A.
- Elastron SA, is a Greece-based company engaged in trading and processing of steel products.
- It operates manufacturing plants and warehouses in the Asporopyrgos area, Attica, Greece.
- Its product lines are divided into four divisions: Flat Steel Products, Long Steel Products, Core panels which include polyurethane and mineral wool panels and finally dry wall profiles.
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