Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Last Trading Day for Daeduck Demerger Play: I'd Take the Trade

Daeduck Demerger Value Accretion Recap & TY E&C Demerger Preview

Daeduck Electronics Announces the Establishment of a Holding Company Structure

Daeduck Merger Event Back in Action: Spread Is at a 5~6% Level

Daeduck Merger Update: Stock Swap Spread Is Still at 4%

Event-Driven

<p>Daeduck Electronics finally announces a holding company conversion through a demerger. It is a classic equity spin-off event at a split ratio of 36.65% to 63.35%. Specifically, Holdco takes 36.65%, whereas Opco gets 63.35%. Holdco will be a surviving entity as a pure holding company. Both companies will get listed on KOSPI. As usual, this event doesn't grant the shareholders a put option. But it still requires shareholder approval. They scheduled the EGM for Mar 27 next year. Upon shareholder approval, the trade suspension will begin on Apr 28 and run until May 20 next year. The KRX will list the new shares on May 21. The current market cap is ₩800bil, with a DTV of a little more than US$5M.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/108/740/original/2.png?1575327114" class="editor-image img-responsive" data-smartkarma-image-id="108740"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/108/741/original/1.png?1575327122" class="editor-image img-responsive" data-smartkarma-image-id="108741"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/108/747/original/11.png?1575328175" class="editor-image img-responsive" data-smartkarma-image-id="108747"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/108/748/original/8.png?1575328189" class="editor-image img-responsive" data-smartkarma-image-id="108748"></figure>

Daeduck Electronics finally announces a holding company conversion through a demerger. It is a classic equity spin-off event at a split ratio of 36.65% to 63.35%. Specifically, Holdco takes 36.65%, whereas Opco gets 63.35%. Holdco will be a surviving entity as a pure holding company. Both companies will get listed on KOSPI. As usual, this event doesn't grant the shareholders a put option. But it still requires shareholder approval. They scheduled the EGM for Mar 27 next year. Upon shareholder approval, the trade suspension will begin on Apr 28 and run until May 20 next year. The KRX will list the new shares on May 21. The current market cap is ₩800bil, with a DTV of a little more than US$5M.

Daeduck

Daeduck Electronics の分割概要