Last Week in Event SPACE: Nuflare, Hitachi Chem, Line/Z, Haier, Village Roadshow, TVB, BTS Group

Last Week in Event SPACE ...

• There is a clear conflict of interest between Toshiba Corp (6502 JP) and the minority shareholders of Nuflare Technology (6256 JP). Toshiba CEO Kurumatani-san has just made it explicit (and Toshiba has updated shareholders with a statement the company has no intention to tender its shares in Nuflare to Hoya).

• A nice high price for Hitachi Chemical (4217 JP). It is a win for Hitachi Ltd (6501 JP). It is a win for minority shareholders. It is not clear that it is not a win for Showa Denko K K (4004 JP) but it changes their capital structure considerably and for a long time.
• The potential for the LINE Corp (3938 JP) with Z Holdings (4689 JP) deal is clear and overwhelming, and until there are signs of integration failure, it looks unwise to bet against this new data behemoth.
• As it stands for Haier Electronics Group Co (1169 HK), what has been mooted is a somewhat weird, unprecedented privatisation play, with various moving parts, with minimal details with which to work.
• A family feud inside Village Roadshow (VRL AU) is put on the backburner as Private Equity Partners makes a low-ball, Indicative Offer.
• Staff cuts, board restructuring, rumours of key shareholders selling their stakes, and trading at an all-time low level, Television Broadcasts (511 HK) is ripe for corporate action leading to a possible change of control.
• It is not known when BTS Group Holdings (BTS TB)'s warrants will be issued, which starts the clock counting on the maturity. Suggest owning the warrants in the 10-14% vol range.
• Plus, other events, CCASS movements and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)