Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Equity Capital Markets

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<p><strong>Corrigenda: There is an error in this Insight. Please check the discussion at the end of this Insight for the correction.</strong></p>
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<p>Simmtech, a small-cap PCB maker (&lt;₩300bil), announced a 92bil rights offering yesterday. It carries a usual 20% oversubscription privilege, and Mirae will serve as a banker. There is no cancellation risk since it is a standby offer. The capital increase rate sits at 40%. 20% of the offering will go to the ESOP, so the per share allocation for the stockholders remains at 0.32. March 17 is the first round pricing, followed by March 19 for the ex-rights date. The subscription rights will get traded starting April 7. Then, the pricing deadline is April 20.</p>
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Corrigenda: There is an error in this Insight. Please check the discussion at the end of this Insight for the correction.

Simmtech, a small-cap PCB maker (&lt;₩300bil), announced a 92bil rights offering yesterday. It carries a usual 20% oversubscription privilege, and Mirae will serve as a banker. There is no cancellation risk since it is a standby offer. The capital increase rate sits at 40%. 20% of the offering will go to the ESOP, so the per share allocation for the stockholders remains at 0.32. March 17 is the first round pricing, followed by March 19 for the ex-rights date. The subscription rights will get traded starting April 7. Then, the pricing deadline is April 20.




Simmtech Rights Offer: Small Size but Higher Price Volatility May Ensure Fun for Arb Hunters

SIMMTECH Co Ltd

Simmtech Rights Offer: Small Size but Higher Price Volatility May Ensure Fun for Arb Hunters