Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.</li><li>Grenon and Osmium Partners are pushing for board changes and OneRoof's monetization, suggesting a possible spin-off.</li><li>The sum-of-the-parts valuation estimates NZME's stock at A$1.49/share, implying a 35% upside from current levels.</li></ul>

NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.Grenon and Osmium Partners are pushing for board changes and OneRoof's monetization, suggesting a possible spin-off.The sum-of-the-parts valuation estimates NZME's stock at A$1.49/share, implying a 35% upside from current levels.

NZME's Strategic Review and Activist Involvement Signal Potential Value Unlock Through OneRoof Spin-Off and Board Overhaul

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>After <a href="https://www.smartkarma.com/entities/nzme-limited-ae7028be-d76c-4521-9668-48a03910e954" target="_blank" data-smartkarma-citation="entities:24021:1" rel="noopener">NZME Limited (NZM NZ/AU)</a>, publisher of the NZ Herald, recently announced sweeping job cuts, the country's largest private sector union called for the government to step in.</li>
<li>The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME's revamped strategy focuses on stories that engage audience. Or clickbait by detractors. </li>
<li>Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.</li>
</ul>


After NZME Limited (NZM NZ/AU), publisher of the NZ Herald, recently announced sweeping job cuts, the country's largest private sector union called for the government to step in.
The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME's revamped strategy focuses on stories that engage audience. Or clickbait by detractors. 
Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.


NZME Limited (NZM NZ/AU): In Need Of A Good Story

<ul>
<li>Did Trump do <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CKH (1 HK)</a> a solid, convincing them to sell assets that have profited from international trade growth, just as Trump starts imposing tariffs on anything that moves?</li>
<li>An OK package for <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>. Not perfect. SEI IPO's a bit dodgy. It may be designed to spur ACT into action, but isn't an awful fallback.</li>
<li>
<a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill (3978 JP)</a>'s Offer bumped.  If you want to make sure this deal doesn't get done, do the things you need to do to make sure it doesn't get done.</li>
</ul>


Did Trump do CKH (1 HK) a solid, convincing them to sell assets that have profited from international trade growth, just as Trump starts imposing tariffs on anything that moves?
An OK package for Seven &amp; I (3382 JP). Not perfect. SEI IPO's a bit dodgy. It may be designed to spur ACT into action, but isn't an awful fallback.

Macromill (3978 JP)'s Offer bumped.  If you want to make sure this deal doesn't get done, do the things you need to do to make sure it doesn't get done.


Last Week in Event SPACE: Cheung Kong, Macromill, China National Building Material, Canvest

<ul>
<li>I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week:<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/snt-corp" target="_blank" data-smartkarma-citation="entities:3651:1" rel="noopener">Snt Corp (6319 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-mall-co-ltd" target="_blank" data-smartkarma-citation="entities:5262:1" rel="noopener">AEON Mall (8905 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <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 Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, and <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>.</li>
</ul>


I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week:Soundwill Holdings (878 HK), Oneconnect Financial Technology (6638 HK), Snt Corp (6319 JP), Aeon Delight (9787 JP), and AEON Mall (8905 JP).
Key updates/news took place on: Insignia Financial (IFL AU), Seven &amp; I Holdings (3382 JP), Sun Art Retail (6808 HK), and Macromill, Inc (3978 JP).


(Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art

<ul>
<li>Reportedly buyout firms are "vying for" <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a>. The stock went limit up today. Again. The stock is now getting to the expensive side.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-co-ltd" target="_blank" data-smartkarma-citation="entities:19521:1" rel="noopener">Furukawa (5715 JP)</a> has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.</li>
<li>While it often pays to follows where the family invests when assessing holdco structures, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International (200 HK)</a>'s NAV discount is simply too narrow for a simple holding company structure.</li>
</ul>


Reportedly buyout firms are "vying for" Trend Micro Inc (4704 JP). The stock went limit up today. Again. The stock is now getting to the expensive side.

Furukawa (5715 JP) has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.
While it often pays to follows where the family invests when assessing holdco structures, Melco International (200 HK)'s NAV discount is simply too narrow for a simple holding company structure.


Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

New Zealand

NZME Limited provides printing and publication services. The Company offers services of newspapers and magazines, as well as commercial printing and specialist publications.

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NZME Limited (NZM NZ)

NZME's Strategic Review and Activist Involvement Signal Potential Value Unlock Through OneRoof Spin-Off and Board Overhaul

NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.

Special Situation Investments