In today’s briefing:
- Daiho Post-Div STILL Trading Too Rich For the Event Trade
- Ravensource’s Management’s Letter To Unitholders
Daiho Post-Div STILL Trading Too Rich For the Event Trade
- 10 days ago, Daiho Corp (1822 JP) announced an exit for Murakami-san who had gone from zero to 42% of voting rights buying 18% of volume over two years.
- They found a kind of white knight to buy the shares Murakami-san wanted to sell. The structure looks “fair” but is not. Almost all investors are now buying through terms.
- And the result looks expensive with a rather unfortunate forward flow profile.
Ravensource’s Management’s Letter To Unitholders
- Ravensource Fund’s NAV per unit increased by 11.9% over 2021, including distributions received by investors.
- There has been no changeduring 2021 in the Fund’sstated investment strategyor in the execution of the investment mandate that would materially affect the risk ofinvesting in Ravensource.
Before it’s here, it’s on Smartkarma
