In today’s briefing:
- JAFCO (8595) Down as Murakami Affiliates Sell the Pop on the Poison Pill, So Buy the Range Dip
- Softbank Group – Back Where We Started
JAFCO (8595) Down as Murakami Affiliates Sell the Pop on the Poison Pill, So Buy the Range Dip
- Entities related to noted Japanese activist Yoshiaki Murakami had bought 11+%, suggested 15%, proposed 51%, and pestered Jafco Co Ltd (8595 JP) for an asset sale and super-large buyback.
- JAFCO decided to launch a poison pill process as a hostile takeover defence mechanism, with the Record Date at August month-end.
- The shares popped. I was bearish. It turns out Murakami affiliates sold the pop. And this starts the range trade.
Softbank Group – Back Where We Started
- The Softbank share price and discount to NAV are largely back to where they were before the Q1 report earlier this month
- The early settlement of Alibaba derivative contracts has eased leverage worries although that may be less obvious within Softbank’s net calculation of that measure
- But worries about tech valuations, particularly in the private portfolio, remain robust. We have updated our main tables below
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