Event-Driven Investment Opportunities, Special Situation Investments

Dalius Tauraitis

Event-Driven Investment Opportunities

Special Situation Investments

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul>
<li>Essa Pharma (EPIX) halted pipeline development, launched strategic review, offering 21% upside to NAV/liquidation value by mid-2025.</li>
<li>DMC Global (BOOM) Q3 earnings weak, management ruled out divestitures, trading at 5x 2024E EBITDA guidance, facing macro headwinds.</li>
<li>Delek US (DK) reported weak Q3 results, refining margins low, management plans to deconsolidate DKL, trades below DKL stake value.</li>
</ul>


Essa Pharma (EPIX) halted pipeline development, launched strategic review, offering 21% upside to NAV/liquidation value by mid-2025.
DMC Global (BOOM) Q3 earnings weak, management ruled out divestitures, trading at 5x 2024E EBITDA guidance, facing macro headwinds.
Delek US (DK) reported weak Q3 results, refining margins low, management plans to deconsolidate DKL, trades below DKL stake value.


Key Updates on EPIX, HLVX, PRKR, BOOM, VZIO, WOW, AVAP:L, LOGC, LFCR, DK

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Avation Plc offers 8.25%/9.0% Senior PIK Toggle Notes at a 12.4% YTM, potentially rising to 14.7% with a refinance by 2025</li><li>The company's bonds are well-covered by asset value and could benefit from a change of control, as indicated by previous takeover interest in 2023</li><li>Avation's fleet is predominantly leased to reputable airlines, making their bonds an attractive investment despite trading at a discount due to the company's less well-known customer base and high leverage</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Avation Plc offers 8.25%/9.0% Senior PIK Toggle Notes at a 12.4% YTM, potentially rising to 14.7% with a refinance by 2025The company's bonds are well-covered by asset value and could benefit from a change of control, as indicated by previous takeover interest in 2023Avation's fleet is predominantly leased to reputable airlines, making their bonds an attractive investment despite trading at a discount due to the company's less well-known customer base and high leverageThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Aviation Plc Equity (AVAP LN) - Thursday, Aug 1, 2024

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Sky News reported on October 30 that Azorra, a compay back by Oaktree is interested in acquiring <a href="https://www.smartkarma.com/entities/avation-plc" target="_blank" data-smartkarma-citation="entities:44056:1" rel="noopener">Avation PLC (AVAP LN)</a>, a Singapore-based lessor of 32 commercial aircraft.</li>
<li>Avation’s ATR purchase rights, now valued at $115 million, offer below-market acquisition options, capitalizing on an order book of 36 ATR 72s and a favorable market for low-emission aircraft.</li>
<li>With its share price trading at a significant 62% discount to the current NAV of 280p, the company is well-positioned for future growth.</li>
</ul>


Sky News reported on October 30 that Azorra, a compay back by Oaktree is interested in acquiring Avation PLC (AVAP LN), a Singapore-based lessor of 32 commercial aircraft.
Avation’s ATR purchase rights, now valued at $115 million, offer below-market acquisition options, capitalizing on an order book of 36 ATR 72s and a favorable market for low-emission aircraft.
With its share price trading at a significant 62% discount to the current NAV of 280p, the company is well-positioned for future growth.


<ul><li>Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.</li><li>Embracer Group and Grifols are addressing discounts through spin-offs and potential privatizations, aiming to eliminate share class disparities.</li><li>Litigation cases for Gold Reserve and Finch Therapeutics could result in substantial financial awards, impacting share valuations significantly.</li></ul>

Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.Embracer Group and Grifols are addressing discounts through spin-offs and potential privatizations, aiming to eliminate share class disparities.Litigation cases for Gold Reserve and Finch Therapeutics could result in substantial financial awards, impacting share valuations significantly.

Active Merger Arbitrage and Litigation Opportunities: Key Insights on Current Financial Market

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The bigger question for investors is whether <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will keep up with global auto market needs or will they suffer as Toyota may suffer?</li>
<li>The FSS may put the breaks on <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>'s massive capital raise. </li>
<li>Murakami-San has won <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. </li>
</ul>


The bigger question for investors is whether Denso Corp (6902 JP) will keep up with global auto market needs or will they suffer as Toyota may suffer?
The FSS may put the breaks on Korea Zinc (010130 KS)'s massive capital raise. 
Murakami-San has won Exedy Corp (7278 JP). The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. 


Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

Singapore

Avation Plc operates as a commercial aircraft leasing company. The Company is headquartered in Singapore and owns and manages a fleet of commercial aircraft and serves airlines worldwide. Avation's customers are commercial airlines.

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Avation PLC (AVAP LN)

Key Updates on EPIX, HLVX, PRKR, BOOM, VZIO, WOW, AVAP:L, LOGC, LFCR, DK

Essa Pharma (EPIX) halted pipeline development, launched strategic review, offering 21% upside to NAV/liquidation value by mid-2025.

Special Situation Investments

Aviation Plc Equity (AVAP LN) - Thursday, Aug 1, 2024

Avation Plc offers 8.25%/9.0% Senior PIK Toggle Notes at a 12.4% YTM, potentially rising to 14.7% with a refinance by 2025.

Value Investors Club

Interest in Avation

Sky News reported on October 30 that Azorra, a compay back by Oaktree is interested in acquiring Avation PLC (AVAP LN), a Singapore-based lessor of...

Jesus Rodriguez Aguilar

Active Merger Arbitrage and Litigation Opportunities: Key Insights on Current Financial Market

Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.

Special Situation Investments

Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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