Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<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>, in tandem with Bain Capital, <a href="https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20241028000007" target="_blank" rel="noopener">purchased 11.26% of KZ</a>, lifting Choi Yoon-beom's stake, together with friendly hands, to ~35.4%, compared to MBK Partners-Young Poong consortium's 38.47%. </li>
<li>Preceding my comments on KZ and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a> are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Korea Zinc (010130 KS), in tandem with Bain Capital, purchased 11.26% of KZ, lifting Choi Yoon-beom's stake, together with friendly hands, to ~35.4%, compared to MBK Partners-Young Poong consortium's 38.47%. 
Preceding my comments on KZ and Young Poong Precision (036560 KS) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Korea Zinc's Public Tender & Expected EGM

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Korea Zinc’s delayed final buyback results, but Yeouido rumors say the tender rate hit just over 10% of shares, half the target—meaning all tenders get accepted.</li>
<li>With 7-10% liquidity still in play, an open market buying race could heat up—keeping Korea Zinc’s stock elevated today, same as yesterday.</li>
<li>Will extra float lead to a fresh tender? Unlikely, given fiduciary risk. Choi might go solo, but MBK countered, squeezing him. Likely outcome: open market buildup, shareholder showdown.</li>
</ul>


Korea Zinc’s delayed final buyback results, but Yeouido rumors say the tender rate hit just over 10% of shares, half the target—meaning all tenders get accepted.
With 7-10% liquidity still in play, an open market buying race could heat up—keeping Korea Zinc’s stock elevated today, same as yesterday.
Will extra float lead to a fresh tender? Unlikely, given fiduciary risk. Choi might go solo, but MBK countered, squeezing him. Likely outcome: open market buildup, shareholder showdown.


Korea Zinc’s Buyback Likely Hit Half Target—Watch for Next Moves

<ul>
<li>After the tender, many positions aiming for price corrections through SSF could be outright plays, possibly squeezed to margin call points, prompting LPs to buy in the spot market.</li>
<li>With YPP's stock already near the margin call triggering level, we can't rule out Choi rushing in with cash to buy more shares.</li>
<li>It’s risky to treat today’s price action as an open market buy race for Korea Zinc and YPP and to react from an outright trading angle.</li>
</ul>


After the tender, many positions aiming for price corrections through SSF could be outright plays, possibly squeezed to margin call points, prompting LPs to buy in the spot market.
With YPP's stock already near the margin call triggering level, we can't rule out Choi rushing in with cash to buy more shares.
It’s risky to treat today’s price action as an open market buy race for Korea Zinc and YPP and to react from an outright trading angle.


A More Logical Take on Today’s Price Action for Korea Zinc and YPP

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>According to Korea Zinc, it plans to disclose the treasury shares tender offer results on 28 October.</li>
<li>We discuss the remaining free float after the tender offer and the probabilities of share price decline or even a share price squeeze post announcement of the tender offer results.</li>
<li>All in all, this M&amp;A fight for Korea Zinc remains tight with a slight advantage to MBK/Young Poong alliance.</li>
</ul>


According to Korea Zinc, it plans to disclose the treasury shares tender offer results on 28 October.
We discuss the remaining free float after the tender offer and the probabilities of share price decline or even a share price squeeze post announcement of the tender offer results.
All in all, this M&amp;A fight for Korea Zinc remains tight with a slight advantage to MBK/Young Poong alliance.


Korea Zinc: Remaining Free Float Post Tender and a Margin Call for Choi on Young Poong Precision?

<ul>
<li>The Seoul Central District Court dismissed the second injunction filed by MBK Partners and Young Poong to suspend the share buyback/tender offer by Korea Zinc Chairman Choi and his allies.</li>
<li>As a result of the court dismissing the second injunction filed by MBK, the M&amp;A fight for Korea Zinc is likely to continue until the AGM in March 2025.  </li>
<li>Depending upon Korea Zinc's tender offer subscription, there is a possibility of MBK buying more shares directly from the market if the subscription falls below the proposed amounts. </li>
</ul>


The Seoul Central District Court dismissed the second injunction filed by MBK Partners and Young Poong to suspend the share buyback/tender offer by Korea Zinc Chairman Choi and his allies.
As a result of the court dismissing the second injunction filed by MBK, the M&amp;A fight for Korea Zinc is likely to continue until the AGM in March 2025.  
Depending upon Korea Zinc's tender offer subscription, there is a possibility of MBK buying more shares directly from the market if the subscription falls below the proposed amounts. 


Korea Zinc: Court Dismisses the Second Injunction Filed by MBK

South Korea

Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry.  The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper.  Korea Zinc provides its products to domestic and overseas markets.

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Korea Zinc (010130 KS)

StubWorld: Korea Zinc's Public Tender & Expected EGM

YPP is "cheap" on a implied stub angle; however YPP is no longer in play. KZ gained a staggering 46% after the close of Choi/Bain's tender offer. I...

David Blennerhassett

Korea Zinc’s Buyback Likely Hit Half Target—Watch for Next Moves

Korea Zinc’s buyback tender rate likely hit just half the target. We could see some interesting moves ahead, and this post touches on that.

Sanghyun Park

A More Logical Take on Today’s Price Action for Korea Zinc and YPP

This post offers a more logical analysis of today’s price action for Korea Zinc and Young Poong Precision following the completion of the tenders.

Sanghyun Park

Korea Zinc: Remaining Free Float Post Tender and a Margin Call for Choi on Young Poong Precision?

We discuss the remaining free float after the tender offer and the probabilities of share price decline or even a share price squeeze post...

Douglas Kim

Korea Zinc: Court Dismisses the Second Injunction Filed by MBK

As a result of the court dismissing the second injunction filed by MBK, the M&A fight for Korea Zinc is likely to continue until the AGM in March...

Douglas Kim

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