In today’s briefing:
- Raysum (8890 JP) Mystery Bidder Is a Hedge Fund – And That Makes It More Interesting
- Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes
- Fengxiang’s Judicial Auction Set for 10 October, Potential MGO
Raysum (8890 JP) Mystery Bidder Is a Hedge Fund – And That Makes It More Interesting
- Raysum Co Ltd (8890 JP) has been in a weird kind of limbo for well over a year. The Chairman/Founder resigned late last year for health reasons.
- The company needed to take action to stay listed on TSE Standard. There was a plan to transfer 60+% of the shares to a foundation, through an odd arrangement.
- Then a hedge fund stepped up and said “I’ll have 64% of the company at a near life-time high.” So now we have an interesting deal. And interesting potential future.
Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes
- The FTSE Straits Times Index (STI) (STI INDEX) has a quarterly rebalancing cycle with index reviews performed in March, June, September, and December every year.
- The March and September reviews are complete index reviews while the June and December reviews are only for new listings.
- In this insight, we take a look at the potential index changes that can take place between now and the end of the March 2023 index review.
Fengxiang’s Judicial Auction Set for 10 October, Potential MGO
- On 16 September, the administrator published the details for the auction of Shandong Fengxiang Co Ltd-H (9977 HK) controlling shareholder’s 70.92% stake in Alibaba Judicial Auction.
- If the auction is successful and results in any person and a group of persons acting in concert holding 30%+ of the voting rights, it will result in an MGO.
- The base bid implies an MGO price of HK$1.563 per H Share, a 103.0% premium to the last close. The auction will be held from 10 October to 11 October.
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