Hi Everyone, I went through the whole thread and it has been quite a patience testing journey. There have been some recent positive developments which have been briefly summarised over here so thought of sharing - Special Situation With a 3X Potential - YouTube.
Also have summarised some of my pointers under this thread - https://twitter.com/Lakshayy_99/status/1669802724521807872?s=20.
Do reach out to me if some facts have been wrongly stated or any new developments.
Disc : Tracking, planning to enter with a minor 2% stake considering the uncertainty element!
Thank you, Cheers
The fact that Longsheng is refusing to honour SICC judgement is a massive red flag.
They know Dystar will be put up for auction in a weak global market.
Who will buy these assets? What price will auction fetch?
Not very comfortable with this situation. Too opaque.
What does Longsheng know that we don’t?
The market has definitely spoken.
(Disc. Have exited my investment).
And you called it ! This news is further confirmation that Senda cannot find a banker who can fund a USD 600-plus million deal needed for the acquisition of Kiri’s shares in the absence of a guarantee from Longsheng. The current macro situation in China will only make it doubly more difficult to secure that kind of money. Net Net, it is going to bring down the high valuation for Kiri’s stake, meaning Dystar will be re-valued and most likely way lesser than the original valuation of USD 1.6 billion. Even after this, it will take forever for this deal to fructify given the involvement of Chinese regulators.
Kindly read the above tweet - Apms Investment Fund Ltd is one of the FIIs. Mavi Investment Fund Ltd (now APMS Investment Fund Ltd) and Lotus Global Investment Limited – found mention in Hindenburg Research’s report on Adani Group. Approx 47% share holding with FIIs? are any of these funds indirectly owned/managed by the promoters?
DISC: Not invested in Kiri. Fellow Valuepickr members - would love ur views, I am tracking the stock.
https://thewire.in/business/two-offshore-companies-that-invested-in-adani-group-were-under-tax-scanner-in-india-report Two Offshore Companies That Invested in Adani Group Were Under Tax Scanner in India: Report. Lotus Global Investments holds 8%
These firms invested in kiri via fccb bonds,which kiri needed to fight the case.It is all in the thread.Plus one can also see that these Fii have holding in other companies as well as nifty 50 company like jsw steel at 1 point and had 1.7% holding in it.
Any development from singapore related issue?
Saw that stock rallied 20% & closed at UC.
Oral judgement may come in a week. Written judgement may take time
Minimum 100 million dollar(820 crore) will be received by March 24, rest will come through auction
Subsidiary for receiving money for investment in Singapore
Kiri has signed MoU for green hydrogen with a German company , that is one sector kiri is looking forward to invest once the money is received
Singapore International Commercial Court ordered En Bloc Sale of DyStar by
appointing the receiver
18d8ad15-8838-4a0f-91d0-77258d6f83d1.pdf (611.4 KB)
Can we source the latest financial statements of DyStar? Couldn’t find it on thier website.
Any update on the fair value of Kiri’s stake in DyStar would be helpful to ascertain the final settlement amount.
SICC had already finalized the Dystar stake close to $603 M. That is final and there won’t be any change even if Dystar is sold for more than its value of 37% holding in 2023 verdict. Kiri is entitled for that amount only. Dystar would be valued close to US $2B conservatively.
This is not for sure, this is what each party agreed, but still the final decision would be of court
Management expect decision in 1-4 month so not necessarily it would happen by March