Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Event-Driven

<a href="https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20180406002209" target="_blank">This is the link of the revised regulatory filing for this event (source: DART).</a>Below is a key summary of this spinoff/merger event between <a href="https://www.smartkarma.com/entities/2673" target="_blank" data-smartkarma-citation="entities:2673:1">Doosan Engine Co Ltd (082740 KS)</a> and <a href="https://www.smartkarma.com/entities/7389" target="_blank" data-smartkarma-citation="entities:7389:1">Doosan Heavy Industries (034020 KS)</a>.<table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 770px;">Key summary</td></tr>
<tr>
<td style="width: 409.9875183105469px;">Doosan Engine spinoff ratio</td>
<td style="text-align: right; width: 360.0124816894531px;">0.4740596 : 0.5259404 (Opco : Investmentco)</td>
</tr>
<tr>
<td style="width: 409.9875183105469px;">Doosan Engine investmentco and Doosan Heavy merger ratio</td>
<td style="text-align: right; width: 360.0124816894531px;">1 : 0.2679522 (Heavy : Engine Investmentco)</td>
</tr>
<tr><td colspan="2" style="width: 409.9875183105469px;"><hr></td></tr>
<tr>
<td style="width: 409.9875183105469px;">Stock trade suspension period</td>
<td style="text-align: right; width: 360.0124816894531px;">June 1 - 18</td>
</tr>
<tr>
<td style="width: 409.9875183105469px;">New shares listing</td>
<td style="text-align: right; width: 360.0124816894531px;">June 19</td>
</tr>
<tr><td colspan="2" style="width: 409.9875183105469px;">→ So, last day to do an arb trade is May…</td></tr>
</tbody></table>

This is the link of the revised regulatory filing for this event (source: DART).Below is a key summary of this spinoff/merger event between Doosan Engine Co Ltd (082740 KS) and Doosan Heavy Industries (034020 KS).
Key summary

Doosan Engine spinoff ratio
0.4740596 : 0.5259404 (Opco : Investmentco)


Doosan Engine investmentco and Doosan Heavy merger ratio
1 : 0.2679522 (Heavy : Engine Investmentco)



Stock trade suspension period
June 1 - 18


New shares listing
June 19

→ So, last day to do an arb trade is May…


Doosan Engine & Doosan Heavy Spinoff/Merger Event Watch

Hanwha Engine

Doosan Engine & Doosan Heavy Spinoff/Merger Event Watch