Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> / <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. </li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops</li>
<li>A residual <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. </li>
</ul>


The Naspers (NPN SJ) / Prosus (PRX NA) circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. 

Swire Pacific (19 HK) was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops
A residual NTT (9432 JP) individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. 


Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>On 27 June, Axel Johnson said it had crossed the 30% threshold and would launch a mandatory offer for all shares of <a href="https://www.smartkarma.com/entities/dustin-group-ab" target="_blank" data-smartkarma-citation="entities:22346:1" rel="noopener">Dustin Group AB (DUST SS)</a> at SEK 28.5/share</li>
<li>Axel Johnson doesn't seem particularly interested in completing a takeover, rather being able to increase its stake after offer completion. The offer document isn't even available in English.</li>
<li>The offer represents -4.2% to 1-month VWAP,  0.31x EV/Fwd sales (vs. 0.66x average since IPO). I wouldn't get involved unless the share price drops below SEK 28.5.</li>
</ul>


On 27 June, Axel Johnson said it had crossed the 30% threshold and would launch a mandatory offer for all shares of Dustin Group AB (DUST SS) at SEK 28.5/share
Axel Johnson doesn't seem particularly interested in completing a takeover, rather being able to increase its stake after offer completion. The offer document isn't even available in English.
The offer represents -4.2% to 1-month VWAP,  0.31x EV/Fwd sales (vs. 0.66x average since IPO). I wouldn't get involved unless the share price drops below SEK 28.5.


Axel Johnson/Dustin Group AB: Mandatory Offer

Sweden

Dustin Group AB offers IT products and related services to businesses, governments and individuals. The Company sells computers, printers, copiers, tablets, mobile phones and other electronics and accessories.

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Dustin Group AB (DUST SS)

Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

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

Axel Johnson/Dustin Group AB: Mandatory Offer

Axel Johnson has published the mandatory offer document. It either acquires shares on Dustin at almost nil premium if DUST goes below 28.5 or has...

Jesus Rodriguez Aguilar

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