Prospect Japan Share Discussion Threads

[spectoacc] 22/3/2017 07:20

Yet to regret having sold out - why on earth is the bid taking so long.

Performance vs market last year pretty dire!

[spectoacc] 22/2/2017 16:21

Aye I don't disagree; I reckon I'd have ended up with japanese paper tho? Couldn't understand why it hasn't gone higher, but thought that may be why.

[actofwill] 22/2/2017 15:33

Hi SpectoAcc - the implied value of the merger is way above the current stock price. Extension of deadline is typically a good sign...

[spectoacc] 22/2/2017 15:11

Sold back out and putting the money to work elsewhere. Good luck holders.

[spectoacc] 17/2/2017 13:03

118 a very popular buy price, if you look at yesterday & today's trades - nearly always in the intra-day auctions.

Still waiting on news of formal bid after deadline got extended a month.

[spectoacc] 11/1/2017 15:02

Yes good point - deal seems very likely to go through to me, so would make for a decent trade.

[epistrophy] 11/1/2017 14:38

Yes adding I believe. And probably shorting the acquirer.

[spectoacc] 11/1/2017 14:14

A cash alternative would be handy.

Are Weiss adding or selling? From first RNS I thought adding.

[epistrophy] 11/1/2017 13:54

On a technical note, the Japanese company has a lot size of 1,000 shares (around £500) so must be traded in units of this size.

I wonder how they will handle smaller holdings (assuming the offer goes ahead) or "residual" holdings that fall below the lot size. Might they be obliged to offer cash for these?

[spectoacc] 10/1/2017 13:26

Thanks @greasynut; agreed re understated NAV.

[greasynut] 10/1/2017 11:55

Having looked at it this morning, I conclude that:

- The NAV is grossly understated, having a huge option-like element on the shares of the manager and potential acquirer, Prospect, in the form of Stock Acquisition Rights (SARS).

- This transaction therefore represents a buyback of potentially diluting shares at a price of 54 Yen, while their share price is today at 70 Yen.

- The Prospect Japan IT has been manipulated for the benefit of the Prospect management as the SARSs were clearly inappropriate for the IT, representing a silly proportion of NAV if they were ever exercised and could be bought back by the management at cost price should their shares perform too well.

- On the other hand, today's buyer can secure a cheap entry into Prospects' Japanese listing should they wish to hold an 'entrepreneurial' small cap which has demonstrated limited ability with asset management (in this case).

[spectoacc] 10/1/2017 08:10

Been buying this morning - is possible (more than possible) I've done the maths wrong, but I fancy the offer to go through and I reckon it's cheap at only +20%, vs c.+52% premium.

Sadly, sold out of my losing LTBH on PJF some time ago, but had held it for ages & this has been an underperformer forever. Pretty generous offer to be over NAV, but is in shares not cash.

[praipus] 13/2/2015 22:27

Weiss collecting 7.55%


Then the NAV drops....

[ifthecapfits] 07/11/2014 14:48

On the watch list.