Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last week, beleaguered <a href="https://www.smartkarma.com/entities/605" target="_blank" data-smartkarma-citation="entities:605:1">Mg Unit Trust (MGC AU)</a> announced an <a href="http://www.asx.com.au/asxpdf/20171027/pdf/43nmsfl1l78rrt.pdf" target="_blank">agreement</a> with <a href="https://www.smartkarma.com/entities/25165" target="_blank" data-smartkarma-citation="entities:25165:1">Saputo Inc (SAP CN)</a>, one that befits the internal/external issues faced by the dairy company.The binding agreement comprises an estimated A$0.75 per share/unit distribution at the completion of the transaction (first half 2018); with upwards of a further $0.40 per share/unit once various legal issues are resolved. That last distribution could take years.This is not a great outcome for investors, some who have watched their investment halve from the July 2015 IPO price of A$2.10 (A$0.1259/share in grossed-up franked divs have been paid). But it is a win for farmers who will receive a step up in payments, plus a loyalty payment, a tolerable balm to the April 2016 <a href="http://www.asx.com.au/asxpdf/20160427/pdf/436rx32r4kdvst.pdf" target="_blank">step-down</a>, a management decision that retrospectively cut milk prices, and directly manifested into the current legal proceedings.Optically, pricing looks reasonable and should be balanced with shareholder and regulatory approvals, and a long-dated completion date for final distribution(s). Shares initially popped to $0.95 on the announcement before retreating back below $0.80 this week as the mechanics of the agreement sunk in.More below the fold...

Last week, beleaguered Mg Unit Trust (MGC AU) announced an agreement with Saputo Inc (SAP CN), one that befits the internal/external issues faced by the dairy company.The binding agreement comprises an estimated A$0.75 per share/unit distribution at the completion of the transaction (first half 2018); with upwards of a further $0.40 per share/unit once various legal issues are resolved. That last distribution could take years.This is not a great outcome for investors, some who have watched their investment halve from the July 2015 IPO price of A$2.10 (A$0.1259/share in grossed-up franked divs have been paid). But it is a win for farmers who will receive a step up in payments, plus a loyalty payment, a tolerable balm to the April 2016 step-down, a management decision that retrospectively cut milk prices, and directly manifested into the current legal proceedings.Optically, pricing looks reasonable and should be balanced with shareholder and regulatory approvals, and a long-dated completion date for final distribution(s). Shares initially popped to $0.95 on the announcement before retreating back below $0.80 this week as the mechanics of the agreement sunk in.More below the fold...

Japan

KIRINDO HOLDINGS CO., LTD. operates a drug store chain based in Osaka.  The Company sells mainly  pharmaceuticals and also health foods, cosmetics, infant products, and sundry products.

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Kirindo Holdings (3194 JP)

Murray Goulburn - Saputo Steps Up

Last week, beleaguered Mg Unit Trust (MGC AU) announced an agreement with Saputo Inc (SAP CN), one that befits the internal/external issues faced...

David Blennerhassett

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