Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>'s activists are stuck. So are management. 3+ years since the last big buyback, 3 new CEOs and we are back to the drawing board for both management/activists. </li>
<li>Quarz and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV.</li>
<li>Regulatory overhang sees <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>'s spread to terms trading wide. </li>
</ul>



Toshiba (6502 JP)'s activists are stuck. So are management. 3+ years since the last big buyback, 3 new CEOs and we are back to the drawing board for both management/activists. 
Quarz and Mapletree North Asia Commercial Trust (MAGIC SP) holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV.
Regulatory overhang sees Link Administration Holdings (LNK AU)'s spread to terms trading wide. 


Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman's Headcount, Razer, Crown Resorts

Travis Lundy

<ul>
<li>A Nikkei article overnight displays the first buds of "spring" around Toshiba management's tilt towards trying to get shareholders what they want after the Separation Plan failed at the EGM.</li>
<li>The article doesn't say much, but it is a sign the Toshiba Board are not "lying flat."</li>
<li>However it doesn't mean a deal is coming much less anywhere near doable. This is a long road. But it encourages more proactive portfolio resconstruction. </li>
</ul>


A Nikkei article overnight displays the first buds of "spring" around Toshiba management's tilt towards trying to get shareholders what they want after the Separation Plan failed at the EGM.
The article doesn't say much, but it is a sign the Toshiba Board are not "lying flat."
However it doesn't mean a deal is coming much less anywhere near doable. This is a long road. But it encourages more proactive portfolio resconstruction. 


First News of Toshiba "Studying a Privatisation Plan"

<ul>
<li>Toshiba EGM fails to provide a positive result as both Toshiba's own Separation Plan and 3D Investment's proposal to enhance privatisation bidder engagement and transparency fail. </li>
<li>Activists are stuck. Management is too. 3+ years since the last big buyback and 3 new CEOs and we are back to the drawing board for both management and activists. </li>
<li>But both have a head start. The Shareholder Return Plan, eventual disposition of Kioxia, and non-core asset sales would be a start. And Raymond Zage's letter is worth a re-read.</li>
</ul>


Toshiba EGM fails to provide a positive result as both Toshiba's own Separation Plan and 3D Investment's proposal to enhance privatisation bidder engagement and transparency fail. 
Activists are stuck. Management is too. 3+ years since the last big buyback and 3 new CEOs and we are back to the drawing board for both management and activists. 
But both have a head start. The Shareholder Return Plan, eventual disposition of Kioxia, and non-core asset sales would be a start. And Raymond Zage's letter is worth a re-read.


Toshiba Coin Toss Is Neither Heads Nor Tails as Both Proposals Fail

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Votes at Toshiba’s EGM ended up being cast in the most likely fashion with both management’s and 3D’s proposals being voted down. </li>
<li>There was nevertheless considerable uncertainty and it will be interesting to see what the voting breakdowns were. </li>
<li>For now, however, this just pushes out the prospect of any true resolution and we view that as negative.</li>
</ul>


Votes at Toshiba’s EGM ended up being cast in the most likely fashion with both management’s and 3D’s proposals being voted down. 
There was nevertheless considerable uncertainty and it will be interesting to see what the voting breakdowns were. 
For now, however, this just pushes out the prospect of any true resolution and we view that as negative.


<ul>
<li>The Nikkei had an interesting article today on Toshiba’s new CEO and the company’s underlying culture. </li>
<li>It addresses some inconsistencies we have seen in terms of demonstrated competence at lower levels vs. a certain lack thereof at the top. </li>
<li>Ultimately though we suspect that what it reveals points to a lower chance of a privatisation</li>
</ul>


The Nikkei had an interesting article today on Toshiba’s new CEO and the company’s underlying culture. 
It addresses some inconsistencies we have seen in terms of demonstrated competence at lower levels vs. a certain lack thereof at the top. 
Ultimately though we suspect that what it reveals points to a lower chance of a privatisation


Toshiba – The New CEO And The Company Culture

Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman's Headcount, Razer, Crown Resorts

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

First News of Toshiba "Studying a Privatisation Plan"

The Toshiba EGM saw the Board's Separation Plan fail to receive approval yesterday. Something like 12 hours later and the Nikkei has an article...

Travis Lundy

Toshiba Coin Toss Is Neither Heads Nor Tails as Both Proposals Fail

Toshiba's EGM fails on both sides. Back to the drawing board. But both activists and management have near-term measures they can take. Toshiba has...

Travis Lundy

Toshiba – Both Proposals Voted Down

Votes at Toshiba’s EGM ended up being cast in the most likely fashion with both management’s and 3D’s proposals being voted down, pushing out any...

Mio Kato

Toshiba – The New CEO And The Company Culture

The Nikkei had an interesting article today on Toshiba that sheds more light on the deep divide between activist desires and what is best for the...

Mio Kato

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