Erudite Risk’s Post

MBK Partners Ltd., a North Asia-focused private equity firm, has successfully acquired a significant stake in Korea Zinc Inc., the world’s largest lead and zinc smelter, through a tender offer. Despite offering a lower price of 830,000 won per share compared to Korea Zinc’s buyback price of 890,000 won, MBK and Young Poong Corp. managed to secure shares from shareholders holding a combined 5.34% stake. This acquisition could potentially increase MBK and Young Poong Corp.'s combined stake in Korea Zinc to 38.47%, surpassing the 38.4% stake held by Korea Zinc Chair Choi Yun-birm and his allies, including Bain Capital and Young Poong Precision Corporation. The outcome of this deal may hinge on a South Korean court’s decision regarding the MBK-led consortium’s request to block Korea Zinc’s share buyback. https://lnkd.in/gZMRg-ga

Korea Zinc ($15 billion market value) cancels $1.8 billion new share saleafter triggering unfair practice investigation by South Korea regulator.  In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover.  Read - https://lnkd.in/g4JyZDC5 follow Caproasia | Driving the future of Asia Korea Zinc ($15 billion market value) has cancelled the $1.8 billion new share saleafter triggering unfair practice investigation by South Korea regulator.  In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover.  Young Poong Group is currently Korea Zinc largest shareholder, and minority shareholders include Trafigura Group, Hanwha & LG Chem.  Korea Zinc produces 5% of global refined zinc.  Private equity firm MBK Partners has around $30 billion AUM. Korea Zinc Outside Directors: “Greetings shareholders and stakeholders of Korea Zinc. We are the outside directors of the Company, namely Yong-Rak Sung, Do-Hyun Kim, Bo-Young Kim, Min-Ho Lee, Dae-Won Seo, Soon-Beom Kwon, and Deok-Nam Hwang.  As outside directors of Korea Zinc, we are proudly committed to serving the interests of, and enhancing value for, all shareholders of Korea Zinc, not just certain major shareholders, based on our expertise spanning the public sector, legal field, and academia. Furthermore, we can attest that Company management has hitherto maintained sound operations under the diligent oversight and monitoring of outside directors. Upon the unanticipated tender offer of Young Poong, a shareholder of the Company, together with a private equity fund, we rigorously deliberated on the offer from the standpoint of shareholder interests. Our conclusion is that we unanimously and emphatically object to the uninvited offer. The offer threatens to undermine the value of Korea Zinc as a private equity fund’s hostile takeover attempt.”

Korea Zinc ($15 billion market value) cancels $1.8 billion new share saleafter triggering unfair practice investigation by South Korea regulator.  In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover.  Read - https://lnkd.in/gn3Y74h5 follow Caproasia | Driving the future of Asia Korea Zinc ($15 billion market value) has cancelled the $1.8 billion new share saleafter triggering unfair practice investigation by South Korea regulator.  In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover.  Young Poong Group is currently Korea Zinc largest shareholder, and minority shareholders include Trafigura Group, Hanwha & LG Chem.  Korea Zinc produces 5% of global refined zinc.  Private equity firm MBK Partners has around $30 billion AUM. Korea Zinc Outside Directors: “Greetings shareholders and stakeholders of Korea Zinc. We are the outside directors of the Company, namely Yong-Rak Sung, Do-Hyun Kim, Bo-Young Kim, Min-Ho Lee, Dae-Won Seo, Soon-Beom Kwon, and Deok-Nam Hwang.  As outside directors of Korea Zinc, we are proudly committed to serving the interests of, and enhancing value for, all shareholders of Korea Zinc, not just certain major shareholders, based on our expertise spanning the public sector, legal field, and academia. Furthermore, we can attest that Company management has hitherto maintained sound operations under the diligent oversight and monitoring of outside directors. Upon the unanticipated tender offer of Young Poong, a shareholder of the Company, together with a private equity fund, we rigorously deliberated on the offer from the standpoint of shareholder interests. Our conclusion is that we unanimously and emphatically object to the uninvited offer. The offer threatens to undermine the value of Korea Zinc as a private equity fund’s hostile takeover attempt.”

Korea Zinc share price has increased +29.9% in 1 day to $17 billion market value (24/10/24), with share price YTD +134% & +156% in last 5 years. Read - https://lnkd.in/gehKZcj9 follow Caproasia | Driving the future of Asia Korea Zinc share price has increased +29.9% in 1 day to $17 billion market value (24/10/24), with share price YTD +134% & +156% in last 5 years.  In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover.  Young Poong Group is currently Korea Zinc largest shareholder, and minority shareholders include Trafigura Group, Hanwha & LG Chem.  Korea Zinc produces 5% of global refined zinc.  Private equity firm MBK Partners has around $30 billion AUM. Korea Zinc Outside Directors: “Greetings shareholders and stakeholders of Korea Zinc. We are the outside directors of the Company, namely Yong-Rak Sung, Do-Hyun Kim, Bo-Young Kim, Min-Ho Lee, Dae-Won Seo, Soon-Beom Kwon, and Deok-Nam Hwang.  As outside directors of Korea Zinc, we are proudly committed to serving the interests of, and enhancing value for, all shareholders of Korea Zinc, not just certain major shareholders, based on our expertise spanning the public sector, legal field, and academia. Furthermore, we can attest that Company management has hitherto maintained sound operations under the diligent oversight and monitoring of outside directors. Upon the unanticipated tender offer of Young Poong, a shareholder of the Company, together with a private equity fund, we rigorously deliberated on the offer from the standpoint of shareholder interests. Our conclusion is that we unanimously and emphatically object to the uninvited offer. The offer threatens to undermine the value of Korea Zinc as a private equity fund’s hostile takeover attempt.”

Korea Zinc share price has increased +29.9% in 1 day to $17 billion market value (24/10/24), with share price YTD +134% & +156% in last 5 years. Read - https://lnkd.in/g_6eQynx follow Caproasia | Driving the future of Asia Korea Zinc share price has increased +29.9% in 1 day to $17 billion market value (24/10/24), with share price YTD +134% & +156% in last 5 years.  In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover.  Young Poong Group is currently Korea Zinc largest shareholder, and minority shareholders include Trafigura Group, Hanwha & LG Chem.  Korea Zinc produces 5% of global refined zinc.  Private equity firm MBK Partners has around $30 billion AUM. Korea Zinc Outside Directors: “Greetings shareholders and stakeholders of Korea Zinc. We are the outside directors of the Company, namely Yong-Rak Sung, Do-Hyun Kim, Bo-Young Kim, Min-Ho Lee, Dae-Won Seo, Soon-Beom Kwon, and Deok-Nam Hwang.  As outside directors of Korea Zinc, we are proudly committed to serving the interests of, and enhancing value for, all shareholders of Korea Zinc, not just certain major shareholders, based on our expertise spanning the public sector, legal field, and academia. Furthermore, we can attest that Company management has hitherto maintained sound operations under the diligent oversight and monitoring of outside directors. Upon the unanticipated tender offer of Young Poong, a shareholder of the Company, together with a private equity fund, we rigorously deliberated on the offer from the standpoint of shareholder interests. Our conclusion is that we unanimously and emphatically object to the uninvited offer. The offer threatens to undermine the value of Korea Zinc as a private equity fund’s hostile takeover attempt.”

#ASXNews Non-renounceable Rights Issue to Raise up to $4m Widgie Nickel Limited is pleased to advise that it is undertaking a pro-rata non-renounceable rights issue to raise up to approximately $4m (Offer). • 1 for 2.9795 pro-rata non‐renounceable rights issue to existing shareholders to raise up to approximately $4m (before costs) priced at $0.04 per fully paid ordinary share in the capital of the Company (Share), set at a 21.6% discount to the closing Share price on 15 April 2024 and an 25.2% discount to the 20 day VWAP up to 15 April 2024. • Participants under the Offer will also receive 1 free attaching unlisted option for every 2 Shares subscribed for and issued (New Option). These New Options will be exercisable at $0.07 on or before 31 October 2025. • All eligible shareholders will be given the opportunity to participate in the Offer, if shareholders participate for their full entitlement they will not be diluted. • Funds raised through the Offer will primarily be used to advance the Company’s Mt Edwards nickel and lithium assets as well as potential due diligence and acquisition costs for other and complementary value accretive opportunities that may present. • Widgie’s Directors intend to take up their full entitlements. #WIN Managing Director and CEO, Mr Steve Norregaard, commented: "Whilst the recent price environment in Widgie’s two primary commodities, #Nickel and #Lithium, has undoubtedly made for a tough ride for our shareholders, the work completed since listing has advanced our production objectives significantly and sees the Company very well positioned when a rebound in these commodity prices does occur.” Full announcement: https://bit.ly/4aAjLX8 #WidgieNickel #MiningNews #ASX

Korea Zinc's Tender Offer: A Sign of Major Shifts in Korean Corporate Governance The recent tender offer for Korea Zinc by MBK Partners and Young Poong Corp. is a turning point for corporate governance in Korea. As the world’s highest inheritance tax at 60% makes traditional family succession impossible, we're seeing the beginning of a broader trend: families are turning to the capital markets for liquidity. Korea Zinc's case is symbolic. Bringing in private equity signals the start of an inevitable shift—family-run empires must now seek cash over control. Yet, mass stake sales by major shareholders aren’t imminent. Despite the trend, most listed companies are too undervalued to make selling attractive, unlike Korea Zinc, which commands a rare premium. Historically, families suppressed stock prices to minimize inheritance taxes. But with valuations low and succession challenges high, the new focus must be on boosting corporate value. We, LIFE Asset Management is leading this change. We target companies ready to enhance value, accelerating this irreversible transformation. In this shift, we see ongoing opportunities to generate alpha. https://lnkd.in/dExsfhU7

𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗙𝗹𝗮𝘀𝗵: "𝗢𝘄𝗮𝗶𝘀 𝗠𝗲𝘁𝗮𝗹 𝗮𝗻𝗱 𝗠𝗶𝗻𝗲𝗿𝗮𝗹 𝗣𝗿𝗼𝗰𝗲𝘀𝘀𝗶𝗻𝗴: 𝗦𝘁𝗲𝗹𝗹𝗮𝗿 𝗟𝗶𝘀𝘁𝗶𝗻𝗴 𝗼𝗻 𝗡𝗦𝗘 𝗦𝗠𝗘 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺" 𝟬𝟰𝘁𝗵 𝗠𝗮𝗿𝗰𝗵 𝟮𝟬𝟮𝟰 𝟭. 𝗜𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗗𝗲𝗯𝘂𝘁: • The market debut of Owais Metal and Mineral Processing witnessed an outstanding performance, with the stock listing at Rs 250, marking an impressive 187.3% premium over the IPO price of Rs 87 on the NSE SME platform. 𝟮. 𝗚𝗿𝗲𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗿𝗲𝗺𝗶𝘂𝗺 (𝗚𝗠𝗣): • Prior to its official listing, the company's shares were highly sought after in the grey market, commanding a substantial premium of 160%. • This significant grey market premium (GMP) underscores the fervent anticipation and confidence among investors. 𝟯. 𝗦𝘂𝗯𝘀𝗰𝗿𝗶𝗽𝘁𝗶𝗼𝗻 𝗙𝗶𝗴𝘂𝗿𝗲𝘀: • The IPO witnessed robust subscription figures, with the offer oversubscribed 221 times. • Retail investors subscribed 248 times, while non-institutional investors' quota was oversubscribed 329 times during the period from February 26 to 28. 𝟰. 𝗨𝘁𝗶𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗙𝘂𝗻𝗱𝘀: • Owais Metal and Mineral Processing successfully raised Rs 42.69 crore through a fresh issue of 49.07 lakh shares. • The net proceeds from the IPO will be strategically utilized to procure essential manufacturing equipment, catering to the company's expansion plans, and to fulfill its working capital requirements. • Additionally, a portion of the funds will be allocated towards meeting general corporate purposes, ensuring sustainable growth and operational efficiency. 𝟱. 𝗞𝗲𝘆 𝗦𝘁𝗮𝗸𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀: • The driving forces behind Owais Metal and Mineral Processing include its prominent promoters, namely Saiyyed Owais Ali, Sayyad Akhtar Ali, and Saiyyed Murtuza Ali. • Noteworthy contributions were made by Gretex Corporate Services, the book-running lead manager, along with Bigshare Services, serving as the registrar, and Gretex Share Broking, acting as the market-makers for the issue. 𝟲. 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀: • Owais Metal and Mineral Processing is involved in the production and processing of metals and minerals. • The company's product range includes Manganese oxide (MNO), MC Ferro Manganese, and Charcoal. • Manufacturing facilities are situated in Meghnagar, Madhya Pradesh. 𝐅𝐨𝐥𝐥𝐨𝐰 Corporate Valuations 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐬𝐮𝐜𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 #OwaisMetal #MineralProcessing #StockMarket #ipo #nse #sme #valuationservices #valuation #GreyMarketPremium #Investing #RetailInvestors #Fundraising #ManufacturingEquipment #growth #businessgrowth #finance #CorporateGrowth #MarketMakers #equityshares #businessvaluation #financialmarkets 

Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) CEO Phoevos Pouroulis takes Proactive's Stephen Gunnion through the company's recent interim results, highlighting the resilience of the company's co-production model of platinum group metals (PGMs) and chrome concentrates. Despite a 40% drop in PGM prices to $1,344 per tonne, chrome prices increased by 16% to $288 per tonne, with current spot prices around $315 per tonne. Tharisa's chrome concentrate volumes rose by 10% to 870,000 tonnes for the first six months. The company continued to invest in growth and maintained its share buyback program, repurchasing $5 million worth of shares. Additionally, Tharisa declared an interim dividend of 1.5 cents per share, in line with its policy of returning 15% of net profit to shareholders. Watch at #Proactive #ProactiveInvestors http://ow.ly/tIAT105vXX8

Our CIO, Darren Kang, just shared insights on the evolving landscape of Korean corporate governance and what it means for investors. At Life Asset Management, we’re not just observing these shifts—we're driving them. By identifying undervalued companies poised for transformation, we’re unlocking hidden value and accelerating growth. As corporate governance reforms take hold, our strategy is positioned to generate consistent alpha in this dynamic environment. Ready to capitalize on these changes? Let’s connect and explore how we can help you navigate and profit from this pivotal moment in Korean markets.