Nikola (NKLAW) – Capital Structure Arbitrage – 26% Upside
Current Price: $34.52 (warrant price + exercise price)
Estimated Return: $43.65
Upside: 26%
Exercise Date: 6th of July, 2020
Inactive ideas
Active ideas
Inactive ideas
EV Municipal Bond Fund (EIM) – Tender Offer – 6% Upside
GrainCorp (GNC.AX) – Merger Arbitrage – 15%+ Upside
Xenith IP Group (XIP.AX) – Bidding War – 10%+ Upside
OncoMed Pharmaceuticals (OMED) – Merger Arbitrage – 65%+ Upside
Top Image Systems (TISA) – Merger Arbitrage – 5% Upside
IDM Mining (IDM.V) – Merger Arbitrage – 13% Upside
LeadFX (LFX.TO) – Going Private – 7% Upside
Current Price – C$0.94
Cash-out Price – C$1.00
Upside – 7%
Expiration Date – Oct 2018
Brookfield Property Partners (BPY) – Tender Offer – 9% Upside
Brookfield Property REIT (BPR) – Tender Offer – 8% Upside
American Midstream (AMID) – Merger Arbitrage – 15% Upside
Emblem (EMC.V) – Merger Arbitrage – 16% Upside
Healthscope (HSO.AX) – Merger Arbitrage – 14% Upside
Neo Performance Materials (NEO.TO) – Merger Arbitrage – 12% Upside
Sigma Healthcare (SIG.AX) – Merger Arbitrage – 14% Upside
iPass (IPAS) – Merger Arbitrage – 12% Upside
AJS Bancorp (AJSB) – Merger Arbitrage with Odd Lot – 11% Upside
Radisys (RSYS) – Merger Arbitrage – 14% Upside
Current Price – $1.51
Merger Consideration – $1.72
Upside – 14%
Expiration Date – Q4 2018
Tribune Publishing (TPCO) – Merger Arbitrage – 20% Upside
Current Price – $16.05
Merger Consideration – $19 – $20
Upside – 15% – 20%
Expiration Date – TBD
Kangaroo Resources (KRL.AX) – Going Private – 11% Upside
Current Price – A$0.135
Acquisition Price – A$0.15
Upside – 11%
Expiration Date – Nov 26th 2018
Mitula Group (MUA.AX) – Merger Arbitrage with Odd Lot – 20% Upside
Current Price – A$0.705
Merger Consideration – A$0.85
Upside – 20%
Expiration Date –August/September 2018
Yellowhead Mining (YMI.V) – Merger Arbitrage – 8% Upside
Inuvo (INUV) – Merger Arbitrage – 80% Upside
Dell Technologies (DVMT) – Expected Sweetened Offer – 10%+ Upside
Current Price – $92
Expected Price – $105+
Upside – 10%+
Expiration Date – Dec 2018 (or Q1 2019)
Blackrock Enhanced Government Fund (EGF) – Odd Lot Tender – $45 Opportunity
Canadian Solar (CSIQ) – Going Private – 26% Upside
Current Price – $14.69
Going Private Offer – $18.47
Upside – 26%
Expiration Date – TBD
Thomson Reuters (TRI) – Tender Offer – 5% Upside
Tegel Group (TGH.NZ) – Merger Arbitrage – 10% upside
Current Price – NZD1.16
Merger Consideration – NZD1.23 + NZD0.04 in dividends
Upside – 10%
Expiration Date –August 25th, 2018
RMG Networks (RMGN) – Going Private – 6% Upside
Current Price – $1.2
Merger Consideration – $1.27
Upside – 6%
Expiration Date –TBD
Newfoundland Capital Corp (NCC-A.TO) – Merger Arbitrage – 8% Upside
Current Price – C$13.65
Merger Consideration – C$14.75
Upside – 8%
Expiration Date – expected by Q4 2018
Walker Innovation (WLKR) – Liquidation – 11%+ Upside
Current Price – $0.485
Liquidation Value – $0.54
Upside – 11%+
Expiration Date – Q3 2018
Swiss Helvetia Fund (SWZ) – Expected Tender – 3%+ Upside
Current Price – $12.54
Expected Price – $12.9+
Upside – 3%+
Expiration Date – Expected Q3 2018
Alico (ALCO) – Odd Lot Tender – $60 return
GlobalSCAPE (GSB) – Odd Lot Tender – 14% Upside
LaSalle Hotel Properties (LHO) – Merger Arbitrage – 5% Upside
Current Price – $34.57
Merger Consideration – $36.28
Upside – 5%
Expiration Date – 6th of September
SteadyMed (STDY) – Merger with CVR – 60% Upside
Current Price – $4.52
Merger Consideration – $4.46 + $2.63 in CVR
Upside – 60% if CVR pays out
Expiration Date – Q3 2018
Dextera Liquidation (DXTR) – Liquidation – 100% Upside
Current Price – $0.035
Expected Liquidation Distribution – $0.06-$0.07
Upside – 100%
Expiration Date – TBD
Bexil (BXLC) – Odd Lot Tender Offer – 12% Upside
Current Price – $11.8
Tender Consideration – $13.25
Upside – 12%
Expiration Date – August 9, 2018
Barings BDC (BBDC) – Tender Offer – 10% Upside
Current Price – $10.63
Tender Price – $10.2 – $11.72
Upside – 10% (if priced at the upper limit)
Expiration Date – September 6th, 2018
General Growth Properties (GGP) – Merger Arbitrage – 7.6% upside
Current Price – $20.25
Acquisition Price – $21.73
Upside – 7.6%
Expiration Date – Q3 2018
Tortoise MLP Fund (NTG-RI) – Rights Offering – 37% Upside
Current Price – $0.40
Intrinsic Value – $0.55
Upside – 37%
Expiration Date – July 18, 2018
NXP Semiconductors (NXPI) – Merger Arbitrage – 19% Upside
Current Price – $107.37
Merger Consideration – $127.5
Upside – 19%
Expiration Date – Q3 2018
Red Star Macalline (1528.HK) – Tender Offer – 16% Upside
Current Price – HK$10.44
Tender Consideration – H$11.78 + HK$0.39 in dividends
Upside – 16.5%
Expiration Date – 6th July, 2018
Dr. Pepper Snapple (DPS) – Merger Arbitrage – 8% Upside
Current Price – $119
Merger Consideration – $103.75 + KDP Stub
Upside – 8%
Expiration Date – Jul 2018
Central Steel & Wire (CSTW) – Merger Arbitrage – 6% Upside
Current Price – $630
Merger Consideration – $669
Upside – 6%+
Expiration Date – Q3 2018
magicJack VocalTec (CALL) – Merger Arbitrage – 5% upside
Current Price – $8.3
Buyout Price – $8.71
Upside – 5%
Expiration Date – H1 2018
Sitestar (SYTE) – Reverse Split – $15 Free Upside
Current Price – $0.125
Post Reverse Split Price – $15
Upside – $15
Expiration Date – TBD
Aberdeen Emerging Markets (AEF) – Expected Tender Offer – 6% upside
Current Price – $8.83
Expected Tender Price – $9.38
Upside – 6% (assuming constant NAV)
Expiration Date – June 19, 2018
Liberty SiriusXM (LSXMK) – Discount Mean Reversion – 10%+ upside
Current Price – $40.9
Target Price – $47 (assuming discount to SIRI reverts to historical 20%)
Upside – 10%+
Expiration Date – TBD
Aveda Transportation & Energy (AVE.V) – CVR – 45% Potential Upside
Current Price – C$0.95
Merger Consideration – C$0.90 + C$0.45 Earnout
Upside – 45%
Expiration Date – 30th of May, 2018
US Cobalt (USCO.V) – Merger Arbitrage – 22% Upside
Current Price – C$0.96
Acquisition Price – C$1.17
Upside – 22%
Expiration Date – May 2018
Grenville Strategic Royalty (GRC.V) – Merger Arbitrage – 100% Upside
Current Price – C$0.075
Merger Consideration – C$0.156
Upside – 100%
Expiration Date – TBD
Willbros Group (WGRP) – Merger Arbitrage – 7% Upside
Current Price – $0.56
Acquisition Price – $0.6
Upside – 7%
Expiration Date – Q2 2018
Reckon (RKN.AX) – Business Sale – 40% upside
Current Price – A$1.21
Acquisition Price – A$1.69
Upside – 40%
Expiration Date – Q2 2018
Pershing Square (PSH.AMS) – Tender Offer – 8% upside
Current Price – $12.8
Tender Price – TBD
Upside – 8% – 23%
Expiration Date – May 2018
Herbalife (HLF) – Expected Tender Offer – Upside TBD
Current Price – $95.4
Tender Price – TBD
Upside – TBD
Expiration Date – Q2 2018
China New Borun (BORN) – Going Private – 30% upside
Current Price – $1.29
Acquisition Price – $1.67
Upside – 30%
Expiration Date – TBD
Commerce Bank of Temecula Valley (CKTM) – Merger Arbitrage – 7% upside
Current Price – $13.45
Expected Payout – $14.41
Upside – 7%
Expiration Date – mid 2018
Kennady Diamonds (KDI.CVE) – Merger Arbitrage – 7% upside
Current Price – C$3.00
Merger Consideration – C$3.22 (in stock)
Upside – 7.2%
Expiration Date – April 9, 2018
Rosetta Genomics (ROSG) – Microcap Merger Arbitrage – 20% – 30% Upside
Current Price – $0.50
Expectect Payout – $0.60 – $0.70
Upside – 20%-30%
Expiration Date – Q1 2018
Virgin Australia (VAH.ASX) – Odd Lot Buyback – A$80 risk free upside
Current Price – A$0.25
Tender Price – A$0.30
Upside – A$85 for odd-lots up to 1666 shares
Expiration Date – 2nd of March, 2018
Lithium X Energy (LIX.CVE) – Merger Arbitrage – 20% upside
Current Price – C$2.19
Buyout Offer – C$2.61
Upside – 20%
Expiration Date – March 8, 2018
Billabong (BBG.ASX) – Merger Arbitrage – 4% upside
Current Price – A$0.96
Merger Consideration – A$1.00
Upside – 4%
Expiration Date – April 9, 2018 (expected)
CanniMed Therapeutics (CMED) – Merger Arbitrage – 14% upside
Current Price – $20.98
Buyout Price – $24
Upside – 14%
Expiration Date – TBD (currently unsolicited offer only)
Ladbrokes Coral (LCL) – Free CVR – 25% upside
Current Price – £1.7
Merger Consideration – £1.68+CVR
Upside – CVR worth up to £0.428
Expiration Date – End of March or early April
Tox Free Solutions (TOX.ASX) – M&A + franking credits – 1%-9% upside
Current Price – $3.43
Expected Payout – $3.425 (consideration) + $0.05 (normal FY18 dividend) + $0.27 (potential value of franking credits to certain Australian investors)
Upside – 1%-9%
Expiration Date – Q2/Q3 2018
Pure Industrial Real Estate (AAR-U.TO) – Merger Arbitrage – 1.2% upside
Current Price – C$8.04
Buyout Offer – C$8.10 + dividend C$0.026
Upside – 1.2%
Expiration Date – Q2 2018
Evine Live (EVLV) – Merger Arbitrage – 94% upside
Current Price – $1.37
Buyout offer – $2.66
Upside – 94%
Expiration Date – TBD (currently unsolicited offer only)
Stanley Furniture (STLY) – Delisting and Forced Selling – 30% upside
Current Price – $0.58
Unaffected share price – $0.7 – $0.8
Upside – 18%-30%
Expiration Date – TBD
Associated Capital (AC) – Split-off – 7%-8% expected upside
Fortress Investment Group (FIG) – Merger Arbitrage – 4% upside
Current Price – $7.78
Offer Price – $8.08
Upside – 4%
Expiration Date – 31 Dec, 2017 (might be extended)
Old PSG Wind Down (PSGLQ) – Liquidation – 24%-43% upside
Current Price – $0.42
Offer Price – $0.52-$0.6
Upside – 24% – 43%
Expiration Date – 12th of December, 2017
PENDRELL (PCO) – GOING PRIVATE – $31 upside for odd-lots
Current Price – $6.43
Potential Recovery – $6.73
Upside – $31 for odd-lots
Expiration Date – 30th of November 2017
Exactech (EXAC) – M&A Bidding War – 10%+ upside
Legend Gold (LGN.CVE) – Merger Arbitrage – 10% upside
BlackRock Enhanced Government Fund (EGF) – Odd Lot Tender Offer – $25 return
Current Price – $13.41
Offer Price – $13.69
Upside – 2% or $25 for odd lot holders
Expiration Date – 21st of November, 2017
TCP International (TCPIF) – Going Private – 23% upside
NEW FEATURE – MEMBER IDEAS
First a short foreword. Quite a few of you have shared investment ideas with me, but only a part of them ended up on the site. This was either do to lack of time to investigate them thoroughly or due to my belief that upside was not worth the risk. So usually if I did not take the position, I did not share that idea with the rest of community. Which is a pity, because some of these ideas actually
Cosan (CZZ) – Tender Offer – up to $100 for odd-lots
Current Price – $8.66
Potential Recovery – $9.23-$9.65
Upside – $100 for odd-lots if priced at the upper limit
Expiration Date – 19th of December 2017
Ash Grove Cement (ASHG) – Merger Arbitrage – 3%-6% Upside
Current Price – $515
Expectect Payout – $531-548
Upside – 3%-6%
Expiration Date – Q1 2018
Biglari Holdings (BH) – Forced Selling & Expected Repurchases – 20% upside
Home Capital Group (HCG.TO) – Tender Offer – 6% Upside
Cosan (CZZ) – Tender Offer – 7% Upside
Current Price – $8.67
Tender Price – $8.88 – $9.30
Upside – 7% (or $63 for odd-lots)
Expiration Date – 28 Dec 2018