In today’s briefing:
- Hollysys (HOLI US): Vote on 8 February as Hopes of a Rival Offer Fade
- TDCX (TDCX US): Laurent Junique’s NBIO
- 2023 Shareholder Letter
- Next-Gen Amusement
Hollysys (HOLI US): Vote on 8 February as Hopes of a Rival Offer Fade
- Hollysys Automation Technologies (HOLI US) shareholders vote on Ascendent’s US$26.50 offer on 8 February. The special meeting will not be held as the 30% shareholding threshold is no longer satisfied.
- The proxy statement shows that despite Dazheng Consoritum’s competing public campaign, it has withdrawn its court injunction and has struggled to provide proof of financing.
- The proxy statement suggests that the special committee ran a fair process. While shareholders should approve Ascendent’s offer, the 0.2% gross spread indicates an unfavourable risk/reward profile.
TDCX (TDCX US): Laurent Junique’s NBIO
- TDCX (TDCX US), a Singapore-headquartered digital customer experience (CX) provider, has announced a preliminary non-binding proposal from Laurent Junique, founder/CEO, and largest shareholder (98.3% of the voting power).
- Junique is offering US$6.60/ADS, a 39% premium to the 30-day VWAP, but a 63% discount to its IPO price a little over two years ago.
- One issue dogging TDCX is the key man risk given Junique’s almost absolute control. Now he’s trying to take the company private on the cheap.
2023 Shareholder Letter
- The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.
- Refining thoughts and the mental mechanism I utilize to approach portfolio management should lead to success, or at least that is my hypothesis.
- Continuous learning allows for building more solid premises. Given time, compound interest sharpens them to the point where chances of error are minimum.
Next-Gen Amusement
- The first week of trading in 2024 was packed with deals and updates for SPACs.
- Three new deals were announced, including a SPAC taking an amusement park-focused tech firm, a helium exploration company, and an insurance brokerage firm public.
- Also, a film studio completes an acquisition ahead of its merger, and a sponsor sells its stake in a SPAC. Read on to find out the latest about all things SPACs.
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