Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Mirae Asset Daewoo Pref Issuance - Status Update

Mirae Asset Daewoo Pref Issuance - Latest Situation

Mirae Asset Daewoo Buyback & 2PB Dividend Play

Mirae Asset Daewoo Securities: A 700 Billion Won Rights Offering for a Global M&A

Event-Driven

We here in Korea have another highly interesting rights offering event. <a href="https://www.smartkarma.com/entities/12061" target="_blank" data-smartkarma-citation="entities:12061:1">Mirae Asset Daewoo Securities Co Ltd (006800 KS)</a>, which is by far Korea's largest local brokerage and investment bank in terms of capital size, made its first regulatory filing about its massive rights offering last month on Dec 15. Then on Jan 4, it made another regulatory filing about the details of this rights offering.<div class="content-highlight">Here is the link of the Jan 4 regulatory filing at KIND.<a href="http://kind.krx.co.kr/common/disclsviewer.do?method=search&amp;acptno=20180104000717&amp;docno=&amp;viewerhost=&amp;viewerport=" target="_blank">http://kind.krx.co.kr/common/disclsviewer.do?method=search&amp;amp;acptno=20180104000717&amp;amp;docno=&amp;amp;viewerhost=&amp;amp;viewerport=#</a></div>What makes this rights offering is a bit unique is the fact that this is a pref issuance. This means we can explore various arbitrage opportunities based on common-pref spreads. In addition, its largest shareholder, Mirae Asset Capitals which owns a 18.62% stake, is being said that it wouldn't be able to go for a full subscription in this rights offering because of one of the holdco conversion rules (I will talk about this rule later in this insight). Yes, this means this Mirae Asset Daewoo's massive pref issuance won't be short of interesting dramas either. Alright, below are more discussions on the aspects of this rights offering event, to which we want to pay a very special attention.

We here in Korea have another highly interesting rights offering event. Mirae Asset Daewoo Securities Co Ltd (006800 KS), which is by far Korea's largest local brokerage and investment bank in terms of capital size, made its first regulatory filing about its massive rights offering last month on Dec 15. Then on Jan 4, it made another regulatory filing about the details of this rights offering.Here is the link of the Jan 4 regulatory filing at KIND.http://kind.krx.co.kr/common/disclsviewer.do?method=search&amp;amp;acptno=20180104000717&amp;amp;docno=&amp;amp;viewerhost=&amp;amp;viewerport=#What makes this rights offering is a bit unique is the fact that this is a pref issuance. This means we can explore various arbitrage opportunities based on common-pref spreads. In addition, its largest shareholder, Mirae Asset Capitals which owns a 18.62% stake, is being said that it wouldn't be able to go for a full subscription in this rights offering because of one of the holdco conversion rules (I will talk about this rule later in this insight). Yes, this means this Mirae Asset Daewoo's massive pref issuance won't be short of interesting dramas either. Alright, below are more discussions on the aspects of this rights offering event, to which we want to pay a very special attention.

미래에셋대우 우선주 발행 - 차익거래 기회 평가

Mirae Asset Securities

미래에셋대우 우선주 발행 - 차익거래 기회 평가