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>Øystein Spetalen's 50% ownership in SAGA Pure triggers a mandatory bid, with shares trading at 1.31 NOK.</li><li>SAGA's NAV is 1.79-1.87 NOK/share, with potential value from SDSD acquisition, contrasting with the mandatory bid price.</li><li>SAGA's shareholder base is mostly retail, unlike SDSD, affecting potential bid strategies and investor expectations.</li></ul>

Øystein Spetalen's 50% ownership in SAGA Pure triggers a mandatory bid, with shares trading at 1.31 NOK.SAGA's NAV is 1.79-1.87 NOK/share, with potential value from SDSD acquisition, contrasting with the mandatory bid price.SAGA's shareholder base is mostly retail, unlike SDSD, affecting potential bid strategies and investor expectations.

Norwegian Billionaire Øystein Spetalen's Mandatory Bid for SAGA Pure

<ul><li>Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024.</li><li>OCI N.V. announced a $1bn extraordinary cash distribution, with shareholders choosing payment currency, ex-dividend date April 15.</li><li>Kronos Bio (KRON) terminated a lease for $1.5m, with potential net cash outcome between ~$1 and $1.30/share.</li></ul>

Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024.OCI N.V. announced a $1bn extraordinary cash distribution, with shareholders choosing payment currency, ex-dividend date April 15.Kronos Bio (KRON) terminated a lease for $1.5m, with potential net cash outcome between ~$1 and $1.30/share.

Strategic Acquisitions, Merger Developments, and Takeover Bids: Key Updates

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.</li><li>Øystein Spetalen surpassed 50% ownership in SAGA Pure, triggering a mandatory bid under Norwegian securities law.</li><li>Pacific Current Group's tender was undersubscribed; River Capital increased its stake to 40.48%, while Regal Funds exited.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.Øystein Spetalen surpassed 50% ownership in SAGA Pure, triggering a mandatory bid under Norwegian securities law.Pacific Current Group's tender was undersubscribed; River Capital increased its stake to 40.48%, while Regal Funds exited.

Event-Driven Investment Opportunities: NIOX Merger, NZME SOTP, SAGA Privatization and More

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.</li><li>NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.</li><li>Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.

Current Investment Opportunities: Mergers, Liquidations, Strategic Reviews and More

Norway

Saga Pure ASA is a green investment company. The Company seeks out and invests in companies with technologies that contribute to a greener future, and once invested takes an active ownership role.

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