Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.</li>
<li>On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.</li>
<li>I offer consolidated thoughts and like the idea of buying the dip.</li>
</ul>


WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.
On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.
I offer consolidated thoughts and like the idea of buying the dip.


Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.</li>
<li>Now one has to consider what the rest of this week has looked like.</li>
<li>And we wonder who it is, but <a href="https://www.smartkarma.com/insights/toyo-construction-1890-tender-situation-indeed-getting-funky" target="_blank" rel="noopener">reading between the lines</a> can get you to a place where one might see what the aim is. </li>
</ul>



Toyo Construction (1890 JP) situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.
Now one has to consider what the rest of this week has looked like.
And we wonder who it is, but reading between the lines can get you to a place where one might see what the aim is. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>'s Independent Committee thought this deal was being done too cheaply, but they signed off on it. I thought it was cheap too. </li>
<li>I thought that a leading activist in the name would think so too, and try his hand because of his running start of 7+%. Huge volume Day1 sparked wider interest.</li>
<li>It has traded every day so far above terms so far but on the first full day of trading, the activist Murakami-san bailed. That changes things, but... it's still funky.</li>
</ul>



Toyo Construction (1890 JP)'s Independent Committee thought this deal was being done too cheaply, but they signed off on it. I thought it was cheap too. 
I thought that a leading activist in the name would think so too, and try his hand because of his running start of 7+%. Huge volume Day1 sparked wider interest.
It has traded every day so far above terms so far but on the first full day of trading, the activist Murakami-san bailed. That changes things, but... it's still funky.


Toyo Construction (1890) Tender Situation Indeed Getting Funky

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a> is the new name of the holding company which was comprised of Maeda Corporation, Maeda Road Construction, and Maeda Seisakusho.</li>
<li>Infroneer owns a 20% stake in smaller construction company <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> through subsidiary Maeda Construction. It has launched a Tender Offer for the rest at a 28.5% premium.</li>
<li>This could get complicated. If you own, I would not sell at terms.</li>
</ul>



INFRONEER Holdings (5076 JP) is the new name of the holding company which was comprised of Maeda Corporation, Maeda Road Construction, and Maeda Seisakusho.
Infroneer owns a 20% stake in smaller construction company Toyo Construction (1890 JP) through subsidiary Maeda Construction. It has launched a Tender Offer for the rest at a 28.5% premium.
This could get complicated. If you own, I would not sell at terms.


Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky

Japan

INFRONEER Holdings Inc. offers infrastructure construction services. The Company provides energy construction, road construction, airport construction, exhibition hall construction, and more. INFRONEER Holdings also produces construction equipment.

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INFRONEER Holdings (5076 JP)

Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

The WK 1.2.3 entities are now (as of 5 April) 17.3% of the Toyo Construction register, nearing Infroneer's 20%. They may already be there on a...

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Toyo Construction (1890) Funkier Still

The Sudden New Entrant On The Scene called WK 1 today announced it had upped its stake on the 25th, buying 43% of volume. Now 8.6%. If they bought...

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Toyo Construction (1890) Tender Situation Indeed Getting Funky

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Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky

Infroneer Holdings - the former Maeda Corp/Maeda Road grouping - has launched a Tender to take out minorities in Toyo Construction at a 15-year...

Travis Lundy

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