In today’s briefing:
- Toshiba (6502) – Effissimo’s Pledge Isn’t One. It Is a Signalling Device.
- Toyo Construction (1890) Tender Still Funky – A New (Perhaps Serious), but Secretive Large Holder
Toshiba (6502) – Effissimo’s Pledge Isn’t One. It Is a Signalling Device.
- Raymond Zage’s letter was super interesting in terms of its nuance, as discussed in Toshiba Board Ructions as Independent Director Goes Rogue.
- In Toshiba Coin Toss Is Neither Heads Nor Tails as Both Proposals Fail, I discussed that this opens the door to exploring combinations of ideas.
- Today Effissimo filed an amended LSR to say they’d sell their shares to a Bain Tender Offer if launched. The statement, and the break clause are informative, and more nuanced.
Toyo Construction (1890) Tender Still Funky – A New (Perhaps Serious), but Secretive Large Holder
- After Murakami-san reported yesterday selling most of his shares on 23 March, the stock fell heavily today. From 6.7% above terms to 0.65% above terms.
- 6.5 mm shares changed hands today at less than a 1% premium to terms.
- After the close, a Cayman company, “WK 1 Limited”, announced it had two affiliates owned 5.89% as of 24-March. Still funky. Still fun. Bet it pops now.
Before it’s here, it’s on Smartkarma
