Global Special Situations

Charles Nave

Event-Driven

Parkson Holdings (PKS MK) have announced another corporate action / streamlining of their structure following the listing of Parkson Retail Asia's (PRA SP's) in late 2011.In a nutshell, we see PKS MK selling their 67% stake in PRA SP to their 53% owned Parkson Retail Group (3368 HK).&nbsp;I love the cleaner structure, however, am&nbsp;not entirely convinced they will put the cash to good use. &nbsp;I am also unconvinced that their unlisted operations will drive any meaningful return in the near future. &nbsp;Hence, would not expect any material uplift in the share price over the short-medium term.

Parkson Holdings (PKS MK) have announced another corporate action / streamlining of their structure following the listing of Parkson Retail Asia's (PRA SP's) in late 2011.In a nutshell, we see PKS MK selling their 67% stake in PRA SP to their 53% owned Parkson Retail Group (3368 HK).&nbsp;I love the cleaner structure, however, am&nbsp;not entirely convinced they will put the cash to good use. &nbsp;I am also unconvinced that their unlisted operations will drive any meaningful return in the near future. &nbsp;Hence, would not expect any material uplift in the share price over the short-medium term.

Parkson Holdings (PKS MK):  If Lion Group Roar and Nobody Hears it, Does it Make a Sound?