Monthly Archives: January 2017



Tejoori (TJI.LON) – Liquidation – 66% upside

Current Price – $0.384

Expected NAV – $0.63

Upside – 60%

Expiration Date – TBD (expected in H1 2017)

This is a microcap opportunity in London AIM Market. Tejoori has sold all of its assets and currently stands as a cash shell.  Management announced intention to distribute part of the proceeds to shareholders. Currently TJI trades at 40% discount to cash on hand and this gap is expected to close once the distribution is announced.

 

Trez Capital Mortgage Investment (TZZ) – Odd Lot Tender Offer – Free Option

Current Price – C$7.99

Offer Price – C$8.0 – C$8.3

Upside – 4% (C$30 for odd lot holders)

Expiration Date – 14th of Feb 2017

This is a tiny opportunity in Canada. Currently the shares trade one cent below the lower limit and thus odd-lot holders are guaranteed that their shares will be purchased at least at the same price in one month.  This is a free option on any potential share price appreciation in the meantime or tender being priced at the upper limit

 

Syngenta (SYT) – Merger Arbitrage – 17% upside

Current Price –$79.34

Offer Price - $93

Upside – 17.5%

Expiration Date - TBD (likely in H1 2017)

Let me start by saying that this is a large cap transaction and the deal is widely followed and analysed – I do not have any superior insights with regards to the likelihood of the transaction going through so my opinion is as good as anybody’s else. However, I believe this opportunity is quite interesting, spread is large (17%) and therefore worth flagging.