IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (22 Feb) - MCJ, AJIS, Sankei RE, Raksul, Bluescope, Qube, Magnetic, Paypay

MCJ (6670 JP): Risk/Reward as Shares Trade Through Terms

MCJ (6670 JP): Maven Belatedly Joins Ascender’s Activism Cause

MCJ (6670 JP): Bain-Sponsored MBO at JPY2,200

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Today, Ascender Capital issued a <a href="https://prtimes.jp/main/html/rd/p/000000001.000178091.html" target="_blank" rel="noopener">PR Times release</a> raising concerns over what it states is a conflicted Bain-sponsored MBO for <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a>.</li>
<li>Ascender, which first published its concerns <a href="https://onedrive.live.com/?redeem=aHR0cHM6Ly8xZHJ2Lm1zL2IvYy83OWRiY2U2MzllMGVhMjY2L0lRQXFhaXItRGdQVFE3T21WVFlmZGVjREFWRHczbnM5TloyRmJqb2loamY2QThBP2U9TXA5djFk&amp;cid=79DBCE639E0EA266&amp;id=79DBCE639E0EA266%21sfe2a6a2a030e43d3b3a655361f75e703&amp;parId=79DBCE639E0EA266%21s52e69e76ff9946efbf1b4dc36d3cca83&amp;o=OneUp" target="_blank" rel="noopener">on its website</a> on 16 February, highlights four issues with the MBO and seeks a higher price. Most of Ascender’s criticisms are valid.</li>
<li>Bain’s initial approach will be to wait until the first close approaches (24 March). However, with significant volume trading above the offer, a bump is very likely.</li>
</ul>


Today, Ascender Capital issued a PR Times release raising concerns over what it states is a conflicted Bain-sponsored MBO for MCJ Co Ltd (6670 JP).
Ascender, which first published its concerns on its website on 16 February, highlights four issues with the MBO and seeks a higher price. Most of Ascender’s criticisms are valid.
Bain’s initial approach will be to wait until the first close approaches (24 March). However, with significant volume trading above the offer, a bump is very likely.


MCJ (6670 JP): Ascender Capital Sets an Activist Campaign in Motion