In today’s briefing:
- Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia
- Nippon Express (9147 JP): A US$260 Million Secondary Offering
Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia
- Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)‘s buyback is a means to get crossholders out, therefore, it may not have much direct market impact.
- Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) – this is done.
- Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue “Bond-Type Class Shares.” First reaction: You wot, mate?
Nippon Express (9147 JP): A US$260 Million Secondary Offering
- Nippon Express Holdings (9147 JP) has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.
- The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers’ overtime in April 2024, which is widely known as the ‘2024 Problem’.
- Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).
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