Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

SK Chemicals Bonus Issue & New Shareholder Return Policy: Background & Impact

SK Chemicals' Timely Spinoff Announcement Amid Metrica's Activist Move: What to Make of It

Metrica Partners Urges SK Chemicals to Partially Sell SK Bioscience & Pay Higher Dividends

SK Chemicals - Announces A Big Improvement in Dividends and Bonus Issue

SK Chemicals - Spinning Off Its Utility Business & Creating Higher Value

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>This is a cash offer. So, there is no stock swap arbitrage here. To participate in this tender, we must buy SK Chemicals shares by the 19th.</li>
<li>We have proration risk. Discovery will buy on a pro-rata basis if exceeding the target volume. So, we could be at a loss.</li>
<li>This is an over-the-counter transaction. So both STT and CGT apply. The STT rate is 0.43% of the tendered amount and we have a 22% CGT rate for the profit.</li>
</ul>


This is a cash offer. So, there is no stock swap arbitrage here. To participate in this tender, we must buy SK Chemicals shares by the 19th.
We have proration risk. Discovery will buy on a pro-rata basis if exceeding the target volume. So, we could be at a loss.
This is an over-the-counter transaction. So both STT and CGT apply. The STT rate is 0.43% of the tendered amount and we have a 22% CGT rate for the profit.


SK Chemicals Cash Offer: Complete Details