Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in January, New Zealand's largest private sector union called for the government to step in 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 AU/NZ)</a>, publisher of the NZ Herald, announced sweeping job cuts, </li>
<li>After a flurry of rumours, James Grenon, a Canadian-born but New Zealand-based investor, has proposed sacking the board. Allegedly 37% of shares out, including Genon's stake, support the board spill.</li>
<li>The AGM has been pushed out to the 3 June. In a detailed PPT, NZME questions whether Grenon's motives are in the best interest of the company and its shareholders. </li>
</ul>


Back in January, New Zealand's largest private sector union called for the government to step in after NZME Limited (NZM AU/NZ), publisher of the NZ Herald, announced sweeping job cuts, 
After a flurry of rumours, James Grenon, a Canadian-born but New Zealand-based investor, has proposed sacking the board. Allegedly 37% of shares out, including Genon's stake, support the board spill.
The AGM has been pushed out to the 3 June. In a detailed PPT, NZME questions whether Grenon's motives are in the best interest of the company and its shareholders. 


NZME Limited (NZM NZ/AU): Board Pushes Back On Board Spill

Event-Driven Investment Opportunities, Special Situation Investments

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<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

<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>Naturgy Energy Group plans a tender offer to repurchase 9% of shares at €26.50/share, with potential upside due to Spanish proration rules.</li><li>Lensar is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with shareholder approval likely.</li><li>OCI N.V. announced a $1bn cash distribution and potential future dividends, raising net cash estimates to €9.19/share.</li></ul>

Naturgy Energy Group plans a tender offer to repurchase 9% of shares at €26.50/share, with potential upside due to Spanish proration rules.Lensar is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with shareholder approval likely.OCI N.V. announced a $1bn cash distribution and potential future dividends, raising net cash estimates to €9.19/share.

SSI Weekly Highlights: Tender Offers, Buyouts, Liquidations, and Strategic Acquisitions in Focus

<ul>
<li>Value Act, as activist, believes the KKR's <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> is not being done at the right price. But Value Act will now tender shares and invest in Bidco. </li>
<li>
<a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a>and <a href="https://www.smartkarma.com/entities/iluka-resources-ltd" target="_blank" data-smartkarma-citation="entities:10105:1" rel="noopener">Iluka Resources (ILU AU)</a> are the only Australian companies with confirmed (or near-term) refining specific heavy rare earth elements as China restricts exports.</li>
<li>StraCap has been tilting at the <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita (8125 JP)</a> for years. It hasn't made headway. The only way StraCap will get its measures over the line is by soliciting retail.</li>
</ul>


Value Act, as activist, believes the KKR's Topcon Corp (7732 JP) is not being done at the right price. But Value Act will now tender shares and invest in Bidco. 

Lynas Corp Ltd (LYC AU)and Iluka Resources (ILU AU) are the only Australian companies with confirmed (or near-term) refining specific heavy rare earth elements as China restricts exports.
StraCap has been tilting at the Wakita (8125 JP) for years. It hasn't made headway. The only way StraCap will get its measures over the line is by soliciting retail.


Last Week in Event SPACE: Topcon, Heavy Rare Earth Elements, Wakita, Swire/Cathay, Horizon Robotics

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 AU)

NZME Limited (NZM NZ/AU): Board Pushes Back On Board Spill

If you're ridden the coat tails since Grenon got involved, I'd be exiting. An overhaul with fresh ideas sounds just the tonic; yet the benefits of...

David Blennerhassett

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

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

Print media is a tough gig. Especially daily print media. NZME is not exactly trading "cheap" to peers. Unless someone was to step up with an...

David Blennerhassett

SSI Weekly Highlights: Tender Offers, Buyouts, Liquidations, and Strategic Acquisitions in Focus

Naturgy Energy Group plans a tender offer to repurchase 9% of shares at €26.50/share, with potential upside due to Spanish proration rules.

Special Situation Investments

Last Week in Event SPACE: Topcon, Heavy Rare Earth Elements, Wakita, Swire/Cathay, Horizon Robotics

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

David Blennerhassett

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