Take-private offer for Hupsteel Limited

On Friday an offer of S$1.20 in cash was made for Hupsteel Limited (BMH.SI), a steel distributor in Singapore. The offer is made by a consortium which consists of members of the Lim family, who are the controlling shareholders of Hupsteel. I’ve owned Hupsteel since September 2017. My average cost is about $0.83 per share. […]

Aplisens SA: a growing Polish micro-cap at 8.8x earnings

Investing in Poland has proven to be a bit challenging for me. The main problems are that almost all of the small companies only report in Polish and that protection for minority investors is weak. It is a common occurrence at Polish micro-caps for insiders, sometimes with the help of a couple of large outside […]

Takeover offer for Legend Corporation by Adamantem

There have been some developments at a couple of my Australian holdings recently. The most important is the takeover offer for Legend Corporation (ASX:LGD) that was announced last week. A link to the filing of the cash offer can be found here. I wrote a post about Legend two years ago for VIB premium (which […]

Stelios Kanakis acquired by Orkla Food Ingredients

Stelios Kanakis (KANAK.AT), the Greek distributor of ingredients for confectionery and bakery products, made an announcement a couple of days ago that it is being acquired. The buyer is Norwegian company Orkla Food Ingredients. The acquisition will take place via a tender offer and the price offered to shareholders is €4.36. This values the entire […]

Trellidor has barriers to entry

Stocks have rebounded nicely so far this year in most parts of the world. One country where sentiment is still very negative is South Africa: foreigners are dumping South African stocks, the economy is bad, there are fears about land expropriation, there are terrible crime problems, the Rand has weakened significantly in 2018 – the […]