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>Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.</li><li>Embracer Group and Grifols are addressing discounts through spin-offs and potential privatizations, aiming to eliminate share class disparities.</li><li>Litigation cases for Gold Reserve and Finch Therapeutics could result in substantial financial awards, impacting share valuations significantly.</li></ul>

Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.Embracer Group and Grifols are addressing discounts through spin-offs and potential privatizations, aiming to eliminate share class disparities.Litigation cases for Gold Reserve and Finch Therapeutics could result in substantial financial awards, impacting share valuations significantly.

Active Merger Arbitrage and Litigation Opportunities: Key Insights on Current Financial Market

<ul><li>SSI Tracking Portfolio decreased by 3.1% in October but is up 6.6% year-to-date, with detailed stock performance breakdown available.</li><li>Learning Technologies Group received multiple offers from General Atlantic, with a 10% spread remaining and a PUSU deadline on November 22.</li><li>Microstrategy plans a $42bn capital raise over three years to purchase more bitcoin, with a significant premium to NAV.</li></ul>

SSI Tracking Portfolio decreased by 3.1% in October but is up 6.6% year-to-date, with detailed stock performance breakdown available.Learning Technologies Group received multiple offers from General Atlantic, with a 10% spread remaining and a PUSU deadline on November 22.Microstrategy plans a $42bn capital raise over three years to purchase more bitcoin, with a significant premium to NAV.

SSI Weekly Newsletter: October Performance, Portfolio Updates, and Key Developments

<ul><li>Learning Technologies Group received a £1/share buyout bid from General Atlantic, with a 12% spread and minimal regulatory risk.</li><li>General Atlantic's bid values LTG at 7.3x 2024E adj. EBITDA and 8.5x adj. EBIT, aligning with VIC's price target.</li><li>Potential competing bids exist, with LTG's board forming an independent committee to evaluate General Atlantic's conditional offer.</li></ul>

Learning Technologies Group received a £1/share buyout bid from General Atlantic, with a 12% spread and minimal regulatory risk.General Atlantic's bid values LTG at 7.3x 2024E adj. EBITDA and 8.5x adj. EBIT, aligning with VIC's price target.Potential competing bids exist, with LTG's board forming an independent committee to evaluate General Atlantic's conditional offer.

Learning Technologies Group Faces Potential Buyout with 12% Upside Amidst Private Equity Interest and Strategic Negotiations

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>The Board will likely recommend the 100p/share cash offer (8.0x EV/NTM EBITDA) pending final terms. General Atlantic must make a formal offer by October 25, with potential deadline extensions.</li>
<li>Shareholders would have the option to elect for an unlisted equity alternative. This means that top two shareholders (24%) will continue invested and that chances of a sweetening seem slim.</li>
<li>Given LTG's share performance, shareholders may willing to accept a 33.5% premium. Gross spread is 6.6% (39.4% estimated annual return if settlement by January 6). Long.</li>
</ul>


The Board will likely recommend the 100p/share cash offer (8.0x EV/NTM EBITDA) pending final terms. General Atlantic must make a formal offer by October 25, with potential deadline extensions.
Shareholders would have the option to elect for an unlisted equity alternative. This means that top two shareholders (24%) will continue invested and that chances of a sweetening seem slim.
Given LTG's share performance, shareholders may willing to accept a 33.5% premium. Gross spread is 6.6% (39.4% estimated annual return if settlement by January 6). Long.


General Atlantic/Learning Technologies: Ahead of PUSU Deadline

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 JP)</a>'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a> is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.</li>
<li>Murakami-San is up to 23.5% of voting rights in <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. He would probably need 30% to be able to threaten a board spill.</li>
</ul>



Seven &amp; I (3382 JP)'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.

ESR (1821 HK) is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.
Murakami-San is up to 23.5% of voting rights in Exedy Corp (7278 JP). He would probably need 30% to be able to threaten a board spill.


Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

United Kingdom

Learning Technologies Group plc provides various e-learning services and technologies to corporate and government clients in the United Kingdom, Switzerland, Rest of Europe, the United States, Canada, and internationally. The company produces interactive multimedia programmes. It also engages in mobile e-learning, bespoke e-learning, and educational games businesses, as well as operates employee benefit trust. In addition, the company provides gomo learning, a software as a service, which offers clients solution for creating, hosting, updating, and tracking their multi-device learning content, as well as Rustici Software that connects learning software for organizations and vendors. Learning Technologies Group plc was founded in 1986 and is based in London, the United Kingdom.

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Learning Technologies (LTG LN)

Active Merger Arbitrage and Litigation Opportunities: Key Insights on Current Financial Market

Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.

Special Situation Investments

Learning Technologies Group Faces Potential Buyout with 12% Upside Amidst Private Equity Interest and Strategic Negotiations

Learning Technologies Group received a £1/share buyout bid from General Atlantic, with a 12% spread and minimal regulatory risk.

Special Situation Investments

General Atlantic/Learning Technologies: Ahead of PUSU Deadline

The Board will likely recommend the 100p/share cash offer (8.0x EV/NTM EBITDA) pending final terms. General Atlantic must make a formal offer by...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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