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>Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.</li><li>Marlowe resumed stock buybacks, purchasing £1.9m worth of shares, with £22m remaining in buyback authorization.</li><li>Pacific Current Group announced a tender offer at A$12/share, implying a 30% discount to pro-forma NAV.</li></ul>

Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.Marlowe resumed stock buybacks, purchasing £1.9m worth of shares, with £22m remaining in buyback authorization.Pacific Current Group announced a tender offer at A$12/share, implying a 30% discount to pro-forma NAV.

SSI Weekly Highlights: Merger Arbs, Acquisition Challenges, and Strategic Buybacks in Focus

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

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<li>
<a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" rel="noopener">IOOF Holdings (IFL AU)</a> shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.</li>
<li>The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.</li>
<li>We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.</li>
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IOOF Holdings (IFL AU) shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.
The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.
We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.


Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid

<ul><li>Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.</li><li>Equity Commonwealth (EQC) in late-stage liquidation, with final distribution expected between $1-$2/share in Q1'25.</li><li>Marlowe (MRL:L) trades at 7.6x FY25 adjusted EBITDA, with potential upside if re-rated to 10-12x EBITDA.</li></ul>

Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.Equity Commonwealth (EQC) in late-stage liquidation, with final distribution expected between $1-$2/share in Q1'25.Marlowe (MRL:L) trades at 7.6x FY25 adjusted EBITDA, with potential upside if re-rated to 10-12x EBITDA.

Strategic Reviews, Liquidations, and Buybacks: Key Financial Developments in Biopharma, Real Estate

<ul><li>Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles.</li><li>OCI N.V. plans a $1bn capital return in H1 2025, equating to 40% of its market cap.</li><li>Benson Hill's buyout spread widened to 60% due to liquidity issues and ongoing buyout negotiations nearing completion.</li></ul>

Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles.OCI N.V. plans a $1bn capital return in H1 2025, equating to 40% of its market cap.Benson Hill's buyout spread widened to 60% due to liquidity issues and ongoing buyout negotiations nearing completion.

SSI Weekly: Galaxy Gaming Acquisition and Other Portfolio Updates

<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

Australia

Pacific Current Group Limited operates as an asset management firm. The Company offers investment management, strategic planning, compensation structuring, and trading services. Pacific Current Group serves institutional and individual clients worldwide.

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Pacific Current (PAC AU)

SSI Weekly Highlights: Merger Arbs, Acquisition Challenges, and Strategic Buybacks in Focus

Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.

Special Situation Investments

Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid

We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67. This is a...

Arun George

Strategic Reviews, Liquidations, and Buybacks: Key Financial Developments in Biopharma, Real Estate

Kronos Bio (KRON) undergoes strategic review with 83% workforce reduction and CEO resignation, trading below net cash value.

Special Situation Investments

SSI Weekly: Galaxy Gaming Acquisition and Other Portfolio Updates

Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles. Other updates follow.

Special Situation Investments

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

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