Thursday, 25 February 2016

Bought Medisana at €2.70

Medisana is a special situation. There is an offer for €2.80 per share and the shares are trading around €2.70. These offers under the German law WPÜG are normally quite safe. Financing is safe because the cash is on a bank account at BHF bank. Caveat is that this is a Chinese bidder and volume is low.

As always do your own research. Original binding document is in German, only translation of the offer document is available in English.

Sunday, 7 February 2016

Bought Deutsche Pfandbriefbank

 Deutsche Pfandbriefbank

 European Bank's share prices have fallen sharply this year. I believe there could be cases of the baby being thron out with the bathwater and established a position in Deutsche Pfandbriefbank. A favourite blog of mine has a good write-up of the bank and due to the rather boring business nothing much has changed since then.

You can see how the blog portfolio is doing under the portfolio tab of the blog.

Update tender situations 

nametickersummcap% mcapodd lot minmaxannounced+1due dateprice nowprice minprice max
INTRAWEST RESORTS HOLDINGSsnow$50,000,000390,872,33112.79%yes9101/13/20162/10/20168.468.098.83
Siliconware Precisionspil$1,271,084,8544,802,458,26826.47%yes275 twd8.2512/23/20153/17/20167.667.278.12
Fortress Investmentfig$100,000,0002,134,164,6339.52%yes4.254.752/5/20163/4/20164.44.284.46

The tender situations are looking good. Snow has secured financing due to sale of IRCG:

"The Company will use a portion of its cash and cash equivalents on hand to fund the purchase of shares in the Tender Offer. The Tender Offer is not conditioned upon obtaining financing or any minimum number of shares being tendered; however, the Tender Offer is subject to a number of other terms and conditions, which are specified in the Offer to Purchase dated January 12, 2016, including the condition that the Company’s sale of IRCG to Diamond has been completed. As described in Note 2, "Significant Accounting Policies", the IRCG Transaction closed on January 29, 2016."
Fortress is another interesting situation to watch for now. They can easily finance the buy-back with cash on hand.