IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Merger Arb Mondays (30 Jan) - Kanematsu, Toyo, O2Micro, Origin Energy, Warrego, Tyro, Norwest

Toyo Construction (1890 JP): YFO and the Board Trading Half-Truths

Merger Arb Mondays (13 Feb) - Newcrest, Nitro, Norwest, Boustead, Toyo, Ihara, Iwasaki Electric

Toyo Construction (1890 JP): Pot Shots and Warning Shots

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Due to the inability of getting a fair hearing from <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>’s Board, YFO’s strategy now is to replace some of the Board at the June AGM.  </li>
<li>YFO’s <a href="https://prtimes.jp/main/html/rd/p/000000022.000071768.html" target="_blank" rel="noopener">latest press release</a> also catalogues the Board’s shockingly poor corporate governance in relation to its tender offer at JPY1,000. Crucially, a special committee is yet to be formed. </li>
<li>There is no timeline update on the tender which was set to start in late January. YFO continues to maintain that it will not withdraw its proposal.</li>
</ul>


Due to the inability of getting a fair hearing from Toyo Construction (1890 JP)’s Board, YFO’s strategy now is to replace some of the Board at the June AGM.  
YFO’s latest press release also catalogues the Board’s shockingly poor corporate governance in relation to its tender offer at JPY1,000. Crucially, a special committee is yet to be formed. 
There is no timeline update on the tender which was set to start in late January. YFO continues to maintain that it will not withdraw its proposal.


Toyo Construction (1890 JP): YFO Fires Another Salvo at the Board