Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.</li>
<li>On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.</li>
<li>I offer consolidated thoughts and like the idea of buying the dip.</li>
</ul>


WK 1-3 Limited are now (as of a week ago) 17.34% of Toyo Construction's share register. They bought 40+% of volume in the relevant period, as I suggested they might.
On a realtime basis, they could be 20+%, but because no single entity is there they would not become top shareholder as a triumvirate.
I offer consolidated thoughts and like the idea of buying the dip.


Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s Scheme Document flags the abolishment of the headcount test may become law ahead of the shareholder meeting. That is a game-changer. If true.</li>
<li>
<a href="https://www.smartkarma.com/entities/daiho-corp" target="_blank" data-smartkarma-citation="entities:19647:1" rel="noopener">Daiho Corp (1822 JP)</a> has announced a deal which is not quite what it looks like. This situation is kind of a governance disaster.</li>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> backs the revised Morrison/Brookfield tilt and severs ties with Macquarie</li>
</ul>



Razer Inc (1337 HK)'s Scheme Document flags the abolishment of the headcount test may become law ahead of the shareholder meeting. That is a game-changer. If true.

Daiho Corp (1822 JP) has announced a deal which is not quite what it looks like. This situation is kind of a governance disaster.

Uniti Group Ltd (UWL AU) backs the revised Morrison/Brookfield tilt and severs ties with Macquarie


Last Week in Event SPACE: Razer, Daiho, Uniti Group, Toshiba, Tabcorp, China Conch

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.</li>
<li>Now one has to consider what the rest of this week has looked like.</li>
<li>And we wonder who it is, but <a href="https://www.smartkarma.com/insights/toyo-construction-1890-tender-situation-indeed-getting-funky" target="_blank" rel="noopener">reading between the lines</a> can get you to a place where one might see what the aim is. </li>
</ul>



Toyo Construction (1890 JP) situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.
Now one has to consider what the rest of this week has looked like.
And we wonder who it is, but reading between the lines can get you to a place where one might see what the aim is. 


<ul>
<li>After Murakami-san reported yesterday selling most of his shares on 23 March, the stock fell heavily today. From 6.7% above terms to 0.65% above terms. </li>
<li>6.5 mm shares changed hands today at less than a 1% premium to terms.</li>
<li>After the close, a Cayman company, "WK 1 Limited", announced it had two affiliates owned 5.89% as of 24-March. Still funky. Still fun. Bet it pops now.</li>
</ul>


After Murakami-san reported yesterday selling most of his shares on 23 March, the stock fell heavily today. From 6.7% above terms to 0.65% above terms. 
6.5 mm shares changed hands today at less than a 1% premium to terms.
After the close, a Cayman company, "WK 1 Limited", announced it had two affiliates owned 5.89% as of 24-March. Still funky. Still fun. Bet it pops now.


Toyo Construction (1890) Tender Still Funky - A New (Perhaps Serious), but Secretive Large Holder

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>'s Independent Committee thought this deal was being done too cheaply, but they signed off on it. I thought it was cheap too. </li>
<li>I thought that a leading activist in the name would think so too, and try his hand because of his running start of 7+%. Huge volume Day1 sparked wider interest.</li>
<li>It has traded every day so far above terms so far but on the first full day of trading, the activist Murakami-san bailed. That changes things, but... it's still funky.</li>
</ul>



Toyo Construction (1890 JP)'s Independent Committee thought this deal was being done too cheaply, but they signed off on it. I thought it was cheap too. 
I thought that a leading activist in the name would think so too, and try his hand because of his running start of 7+%. Huge volume Day1 sparked wider interest.
It has traded every day so far above terms so far but on the first full day of trading, the activist Murakami-san bailed. That changes things, but... it's still funky.


Toyo Construction (1890) Tender Situation Indeed Getting Funky

Japan

SUMITOMO DENSETSU CO., LTD. designs and builds electrical facilities for power line, lighting, and indoor wiring.  The Company, affiliated with Sumitomo Electric Industries, also constructs building and plant facilities including air conditioning and communication systems.

DAI-DAN CO., LTD. constructs electrical, air-conditioning, and water sanitary facilities in buildings.  The Company also builds intelligent building systems for security, disaster prevention, and environmental control.  Additionally, Dai-Dan develops and installs industrial incinerators and waste water treatment equipment.

Sanki Engineering Co., Ltd. performs electrical engineering works in buildings and plants.  Those works include air-conditioning and data communication facilities.  The Company, a member of the Mitsui Group, also constructs water supply and sanitation facilities.  Sanki, through its subsidiaries, operates real estate businesses.

KUMAGAI GUMI CO., LTD. performs large-scale civil engineering for dams, tunnels, and bridges.  The Company also builds residential, commercial, and institutional buildings.  Kumagai constructs building extension and renovation.

SHINNIHON CORPORATION is a Chiba-based general contractor.  The Company builds residential, commercial and institutional buildings such as condominiums. Shinnihon also constructs civil engineering projects such as incinerator facilities.  Additionally, the Company operates land development and environment related businesses.

Yokogawa Bridge Holdings Corp. builds bridges and steel towers nationwide and overseas.  The Company uses computer aided drafting (CAD) and computer aided manufacturing (CAM) technologies to construct steel structures.  Yokogawa Bridge also produces steel frames for skyscrapers and airport facilities.  The Company develops solar power systems and movable ceiling methods for buildings.

RAITO KOGYO CO., LTD. performs afforestation, landslide prevention, and ground improvement works.  The Company also provides piling, water-proofing, and piping works.  Additionally, Raito strengthens and repairs steel structures. The Company, through its subsidiaries, sells environmental equipment and construction materials.

TOTETSU KOGYO CO., LTD. constructs and maintains railways for East Japan Railway Co..  The Company performs civil engineering works for bridges, tunnels, subways, and highways.  Totetsu Kogyo also builds commercial, institutional, and residential buildings.  Additionally, the company develops real estate for residential areas.

TAIHEI DENGYO KAISHA, LTD. is a plant engineering company operating nationwide and overseas.  The Company builds and maintains thermal and nuclear power plants.  Taihei Dengyo also constructs chemical and steel plant facilities. Additionally, the Company designs and installs chemical engineering machinery and electrical control devices.

Taikisha Ltd. designs, constructs, and maintains air-conditioning systems for commercial, institutional, and industrial buildings.  Taikisha also develops and installs paint finishing equipment for cars, trains, and air planes. In Addition, the Company develops and builds clean room systems for semiconductor and pharmaceutical companies.

Monadelphous Group Limited provides engineering and construction services to the resources and petrochemical industries. The Company provides mining and processing industry maintenance, mining equipment refurbishment, project management, construction, and airport ground handling services. Monadelphous Group serves customers in Australia.

Shenzhen Tagen Group Co., Ltd. undertakes a variety of construction projects including buildings, roads, bridges, tunnels, and other heavy construction projects. Through its subsidiaries, the Company also operates in real estate development, property management, transportation, and construction materials manufacturing.

Tibet Tianlu Co., Ltd. constructs roads and bridges in the Tibet area. The Company also provides freight transportation, manufactures construction materials, and provides irrigation works engineering services.

Hindustan Construction Limited undertakes large engineering and construction projects in India and abroad.  The Company's projects include bridges, tunnels, gas pipelines and power stations.

Man Infraconstruction Limited is a construction company. The Company's services include port infrastructure, residential, industrial, and commercial construction services.

Ch. Karnchang Public Company Limited provides construction services to public and private sectors including construction of expressways, public utilities, and industrial plants. Through it subsidiaries, the Company distributes construction materials.

Shandong Hi-Speed Road & Bridge Co. Ltd operates in construction of roads and bridges. It also sell and lease construction machinery and accessories; provide engineering and technical consulting and training; and development of energy infrastructure projects, environmental proection consturction and investment.

Shandong Hi-Speed Road&Bridge (000498 CH)

NRW Holdings Limited provides mining and civil construction services. The Company offers rail formation, bulk earthworks, mine development, road and tunnel construction, topsoil removal, and a range of contract mining services. NRW Holdings serves customers in Australia.

ITD Cementation India Limited operates a construction company.  The Group's projects include marine works, road works and bridges, civil works for industrial projects, foundations and specialist engineering works.

Acter Co. Limited designs and constructs of electric and bio-medical high technology facilities. The Company provides services of dustless room construction, maintenance, ventilation, electrical, environmental and chemical managements.

TOYO CONSTRUCTION CO., LTD. performs marine civil engineering works. The Company provides reclamation and ground improvement works. Toyo Construction also constructs infrastructure such as water purification systems.  The Company builds commercial and institutional buildings, operating real estate businesses.

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Toyo Construction (1890 JP)

Toyo Construction (1890) - Mystery Holders Now 17% (Or More)

The WK 1.2.3 entities are now (as of 5 April) 17.3% of the Toyo Construction register, nearing Infroneer's 20%. They may already be there on a...

Travis Lundy

Last Week in Event SPACE: Razer, Daiho, Uniti Group, Toshiba, Tabcorp, China Conch

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Toyo Construction (1890) Funkier Still

The Sudden New Entrant On The Scene called WK 1 today announced it had upped its stake on the 25th, buying 43% of volume. Now 8.6%. If they bought...

Travis Lundy

Toyo Construction (1890) Tender Still Funky - A New (Perhaps Serious), but Secretive Large Holder

Toyo Construction continues getting funkier. Murakami sold out the CIE stake and someone else (?) bought nearly the same stake. There is nuance in...

Travis Lundy

Toyo Construction (1890) Tender Situation Indeed Getting Funky

The Toyo Construction TOB was launched at too low a price with too open a register, with an activist in it. Now the activist has bailed. Lots of...

Travis Lundy

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