The Value Edge
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I just got my Japanese friend to help me with some of the laws in Japan and if there were any updates with regards to Co-Cos Nobuoka.
Reply:
From reading the document published by nomura about the MBO of co-cos nobuoka, theyre going to use the two-step buy out process (im not sure about the exact wording in English), which means if they fail to delist (because of the unfair offer or some other factor) then the investors 'in theory' can take the case to the court demanding for an increase in the offer (although this rarely happens apparently).
If they succeed to delist then its highly unlikely that there will be a window to sell it. The shares won't lose all its value but because it has delisted, the shares cant be traded on the stock market and you'd have to find a buyer yourself (at a lower price than the MBO offer). Alternatively, you can wait for the company to re-list but this rarely happens.
For myself, I decided to sell the shares on the open market. Agreed that the price is totally below the IV of the company. However, won't want to run the risk of having the shares of a company that is not traded. That would just mean I lost a chunk of my portfolio, hence, decided to take profit on this investment.
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No I don't seem to have received any notification?
Wonder how is it going to pan out as well. To be honest, at the price they are offering is really far below the IV of the company. What are your thoughts about it?
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Been researching on the Japanese market in search for net-nets. Probably not the most ideal time given how valuations have run up, however, there are still quite a plentiful of net-nets with discounts of 50% to NCAV that can be found. I publish my research at: http://www.value-edge.com
4 net-nets I found and own:
1) Tiemco Ltd (7501.JP)
2) Shinko Shoji (8141.JP)
3) Co-Cos Nobuoka Co. (3599.JP)
4) Kodensha (1948.JP)
Finding Japanese Net-nets
in General Discussion
Posted
It is a great business to be honest and I am quite sad to let it go. However, given the lack of activism in Japan and all, don't see anyone going to start fighting for our rights and preventing such a sale from going true haha.