Hi
It has almost been a year since we last presented on the delisting theme. We have over the period further refined our thought process. Though we have made decent money with the theme, we have realised that risk reward payoffs in delisting are skewed and asymmetrical!!!
Heads you win some, tails you lose a lot !!!
We have humbly tried to share our findings in the following ppt made at an investor forum in 1st week of November 2012, look forward to your comments and suggestions.... plz see ppt at end of post
We would also like to update on certain developments which have materialised post the presentation:
The author (Mr. Ashish Kila) would like to thank his entire team, for their extensive help in preparation of the above note.
It has almost been a year since we last presented on the delisting theme. We have over the period further refined our thought process. Though we have made decent money with the theme, we have realised that risk reward payoffs in delisting are skewed and asymmetrical!!!
Heads you win some, tails you lose a lot !!!
We have humbly tried to share our findings in the following ppt made at an investor forum in 1st week of November 2012, look forward to your comments and suggestions.... plz see ppt at end of post
We would also like to update on certain developments which have materialised post the presentation:
- APW - They have still not announced the RBB (Reverse Book Building) process, having invested close to the indicative price level of 195, we have booked our profit and exited from the above considering the above uncertainty
- Ricoh - As we feared, the RBB failed because of book not getting complete
- Transgene - Shareholders block transgene move to delist ( Link )
- IndoTech - Postal Ballot has passed however given the low level of participation and extremely high level of dissenting shareholders coupled with scattered shareholding has increased the deal risk considerably
- DISA - Announced Offer for Sale :(
- Timken - We have exited from our position recommended last year at a profit, the continued investment/focus in unlisted entity doesn't seem positive.
Presentation
Acknowledgement
Disclaimer
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