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>Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025 between $1-$2/share.</li><li>The Denver property, 17th Street Plaza, is expected to sell for $142 million, with potential risks of sale delays beyond Q1 2025.</li><li>Wind-down expenses are estimated at $0.40-$0.50/share, mainly for executive compensation, with contingency reserves expected to be under $10 million.</li></ul>

Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025 between $1-$2/share.The Denver property, 17th Street Plaza, is expected to sell for $142 million, with potential risks of sale delays beyond Q1 2025.Wind-down expenses are estimated at $0.40-$0.50/share, mainly for executive compensation, with contingency reserves expected to be under $10 million.

Equity Commonwealth Liquidation: Potential 40%-60% Upside Amid Real Estate Asset Sales and Wind-Down Challenges

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Equity Commonwealth is a US REIT trading below its net cash balance, offering potential upside for investors</li><li>Activist Land &amp; Buildings has called for a complete liquidation of the company, which management is willing to consider</li><li>The company is focused on maximizing shareholder value and is likely to announce a transaction or wind down its operations by the end of the year, presenting an opportunity for investors</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.

Equity Commonwealth is a US REIT trading below its net cash balance, offering potential upside for investorsActivist Land &amp; Buildings has called for a complete liquidation of the company, which management is willing to considerThe company is focused on maximizing shareholder value and is likely to announce a transaction or wind down its operations by the end of the year, presenting an opportunity for investorsThis 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.

Equity Commonwealth (EQC) - Thursday, May 2, 2024

<ul><li>Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.</li><li>Marlowe resumed stock buybacks, purchasing £1.9m worth of shares, with £22m remaining in buyback authorization.</li><li>Pacific Current Group announced a tender offer at A$12/share, implying a 30% discount to pro-forma NAV.</li></ul>

Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.Marlowe resumed stock buybacks, purchasing £1.9m worth of shares, with £22m remaining in buyback authorization.Pacific Current Group announced a tender offer at A$12/share, implying a 30% discount to pro-forma NAV.

SSI Weekly Highlights: Merger Arbs, Acquisition Challenges, and Strategic Buybacks in Focus

<ul><li>Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.</li><li>Equity Commonwealth (EQC) in late-stage liquidation, with final distribution expected between $1-$2/share in Q1'25.</li><li>Marlowe (MRL:L) trades at 7.6x FY25 adjusted EBITDA, with potential upside if re-rated to 10-12x EBITDA.</li></ul>

Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.Equity Commonwealth (EQC) in late-stage liquidation, with final distribution expected between $1-$2/share in Q1'25.Marlowe (MRL:L) trades at 7.6x FY25 adjusted EBITDA, with potential upside if re-rated to 10-12x EBITDA.

Strategic Reviews, Liquidations, and Buybacks: Key Financial Developments in Biopharma, Real Estate

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In today’s report we take a look at the S&amp;P 500 and long-term breadth. We also provide commentary on the USD, interest rates, growth vs. value, and large- vs. small-caps. We also spotlight attractive Groups and stocks within Technology, Financials, and Utilities.

In today’s report we take a look at the S&amp;P 500 and long-term breadth. We also provide commentary on the USD, interest rates, growth vs. value, and large- vs. small-caps. We also spotlight attractive Groups and stocks within Technology, Financials, and Utilities.

U.S. Equity Strategy: Upgrading Staples, Downgrading Energy

United States

Equity Commonwealth is a real estate investment trust, or REIT. The Company primarily owns office buildings located in Central Business District and suburban areas of major metropolitan markets in the United States, and has a large concentration of properties leased to the U.S. Government and medical related tenants. Equity CommonWealth also owns industrial lands in Hawaii.

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Equity Commonwealth (EQC US)

Equity Commonwealth Liquidation: Potential 40%-60% Upside Amid Real Estate Asset Sales and Wind-Down Challenges

Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025...

Special Situation Investments

Equity Commonwealth (EQC) - Thursday, May 2, 2024

Activist Land & Buildings has called for a complete liquidation of the company, which management is willing to consider

Value Investors Club

SSI Weekly Highlights: Merger Arbs, Acquisition Challenges, and Strategic Buybacks in Focus

Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.

Special Situation Investments

Strategic Reviews, Liquidations, and Buybacks: Key Financial Developments in Biopharma, Real Estate

Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.

Special Situation Investments

U.S. Equity Strategy: Upgrading Staples, Downgrading Energy

In today’s report we take a look at the S&P 500 and long-term breadth. We also provide commentary on the USD, interest rates, growth vs. value,...

Vermilion Research

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