Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

Saga Pure ASA is a green investment company. The Company seeks out and invests in companies with technologies that contribute to a greener future, and once invested takes an active ownership role.

<ul><li>Øystein Spetalen's 50% ownership in SAGA Pure triggers a mandatory bid, with shares trading at 1.31 NOK.</li><li>SAGA's NAV is 1.79-1.87 NOK/share, with potential value from SDSD acquisition, contrasting with the mandatory bid price.</li><li>SAGA's shareholder base is mostly retail, unlike SDSD, affecting potential bid strategies and investor expectations.</li></ul>

Øystein Spetalen's 50% ownership in SAGA Pure triggers a mandatory bid, with shares trading at 1.31 NOK.SAGA's NAV is 1.79-1.87 NOK/share, with potential value from SDSD acquisition, contrasting with the mandatory bid price.SAGA's shareholder base is mostly retail, unlike SDSD, affecting potential bid strategies and investor expectations.

Norwegian Billionaire Øystein Spetalen's Mandatory Bid for SAGA Pure

NZME Limited provides printing and publication services. The Company offers services of newspapers and magazines, as well as commercial printing and specialist publications.

<ul><li>NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.</li><li>Grenon and Osmium Partners are pushing for board changes and OneRoof's monetization, suggesting a possible spin-off.</li><li>The sum-of-the-parts valuation estimates NZME's stock at A$1.49/share, implying a 35% upside from current levels.</li></ul>

NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.Grenon and Osmium Partners are pushing for board changes and OneRoof's monetization, suggesting a possible spin-off.The sum-of-the-parts valuation estimates NZME's stock at A$1.49/share, implying a 35% upside from current levels.

NZME's Strategic Review and Activist Involvement Signal Potential Value Unlock Through OneRoof Spin-Off and Board Overhaul

Lifeway Foods, Inc. manufactures cultured, probiotic food products in the health food industry.  The Company's products include kefir, Basics Plus dairy based immune-supporting dietary supplement beverage, and Kefir Starter for consumers to make their own kefir.  Lifeway also manufactures and markets SoyTreat nondairy soy kefir.

<ul><li>Danone offered to buy Lifeway at $25/share in September 2024, raised to $27/share in November 2024.</li><li>Lifeway's board rejected Danone's offers, claiming $27/share undervalues the company; CEO Julie Smolyansky increased her compensation.</li><li>Edward and Ludmila Smolyansky, with Danone, control 50% of Lifeway, aiming to replace the board and negotiate a sale.</li></ul>

Danone offered to buy Lifeway at $25/share in September 2024, raised to $27/share in November 2024.Lifeway's board rejected Danone's offers, claiming $27/share undervalues the company; CEO Julie Smolyansky increased her compensation.Edward and Ludmila Smolyansky, with Danone, control 50% of Lifeway, aiming to replace the board and negotiate a sale.

Lifeway Foods Faces Potential Sale to Danone Amidst Board Overhaul and Family Feud Resolution by June 2025

OneConnect Financial Technology / Event-Driven

Oneconnect Financial Technology Co., Ltd. software as a services. The Company offers technological applications for financial institutes such as digital transformations, revenue increase, and risk management. Oneconnect Financial Technology serves customers in China.

OneConnect Financial Technology (OCFT US)

<ul><li>OneConnect received a non-binding acquisition proposal from Ping An Group at $7.98/ADS, requiring 75% shareholder approval.</li><li>Ping An acquired OneConnect's virtual banking division for $119m and terminated its cloud services contract in 2024.</li><li>The buyout is financially attractive for Ping An, acquiring OCFT at net cash levels, with a US$100m consideration.</li></ul>

OneConnect received a non-binding acquisition proposal from Ping An Group at $7.98/ADS, requiring 75% shareholder approval.Ping An acquired OneConnect's virtual banking division for $119m and terminated its cloud services contract in 2024.The buyout is financially attractive for Ping An, acquiring OCFT at net cash levels, with a US$100m consideration.

Ping An's Strategic Buyout of OneConnect: Navigating Shareholder Approval and Financial Implications Amidst Declining Performance

Fortress Biotech, Inc. is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. The Company will provide funding and management services to each of the Fortress Companies, and will seek licensing, partnerships, joint ventures and/or public and and private financing for research and development support.

<ul><li>Checkpoint Therapeutics is being acquired by Sun Pharma for $4.1/share plus a non-transferable CVR worth up to $0.70/share.</li><li>The CVR payout depends on EU approval of Unloxcyt, with four scenarios based on approval timing and dosing schedule.</li><li>Shareholder approval is likely due to FBIO's control and Armistice Capital's support, with a 66% premium over pre-announcement levels.</li></ul>

Checkpoint Therapeutics is being acquired by Sun Pharma for $4.1/share plus a non-transferable CVR worth up to $0.70/share.The CVR payout depends on EU approval of Unloxcyt, with four scenarios based on approval timing and dosing schedule.Shareholder approval is likely due to FBIO's control and Armistice Capital's support, with a 66% premium over pre-announcement levels.

Sun Pharma's Acquisition of Checkpoint Therapeutics: Analyzing the CVR Payout Potential and Strategic Implications

I have a few years of experience in investment banking and strategy consulting in London and a few finance degrees under my belt. Event-driven setups are my daily bread and butter. I sift through hundred+ of opportunities every month before picking out a few attractively looking gems for deeper research. I am constantly looking for setups with a catalyst and where my research could give me an edge. Most often I find that in less discovered small/microcap names.