Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Last week, PharmaResearch announced that it has approved a corporate spin-off, to separate the existing company into two distinct entities including PharmaResearch Holdings (surviving entity) and PharmaResearch (newly created entity).</li>
<li><strong>PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal. </strong></li>
<li>The spin-off ratio is based on a pure net asset basis, not taking into consideration the future earnings and cash flow streams of the company's most important product line Rejuran.</li>
</ul>


Last week, PharmaResearch announced that it has approved a corporate spin-off, to separate the existing company into two distinct entities including PharmaResearch Holdings (surviving entity) and PharmaResearch (newly created entity).
PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal. 
The spin-off ratio is based on a pure net asset basis, not taking into consideration the future earnings and cash flow streams of the company's most important product line Rejuran.


PharmaResearch Spin-Off: A Textbook Case Study of Destroying Shareholder Value