.Regular readers will know that since restarting the blog I have been fishing at the nano-cap end of the Australian market, on the simple logic that this is where the genuinely mispriced securities live. And while the sample size is small, the market gods have been kind to us over the last quarter or so: … Continue reading SPC Global (ASX: SPG)

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Golfzon Holdings (KOSDAQ: 121440) – last price ₩7,000 – ~₩300bn (~US$215mm) market cap Thesis summary: on Friday, the controlling family's second attempt to take Golfzon Holdings private closed having purchased precisely zero shares — not 'a few', not 'less than hoped': zero — and the stock promptly fell 10.3% to 7,000 KRW. I think that … Continue reading Golfzon Holdings – Hunter Douglas redux??

Raper letter to Golfzon Korean 26Aug26Download

Raper letter to Golfzon 26Aug26Download

Alara Resources (ASX: AUQ) – last price 3.7c – ~A$34mm market cap Regular readers will have noticed that I keep returning to the small- and nano-cap end of the Australian market, and this memo is another entry in that catalogue. Whilst liquidity is tricky at this company size (and to be clear my position here … Continue reading Alara (AUQ) – why does it trade at 1x FCF?

Raper Capital letter to Ausgold Board 18Aug26Download

詳しくはwww.unlockingdainichi.comをご覧ください。 Rangeley_Dainichi_Statement_JADownload Dainichi_Proposal_July26_JapaneseDownload

For further information, please visit http://www.unlockingdainichi.com Rangeley-Statement-on-Unlocking-Value-at-DainichiDownload Dainichi_Proposal_English_July26Download

Mayne Pharma (ASX: MYX) – last price A$2.50 – ~A$211mm market cap – $500k-$1mm ADV Thesis summary: eighteen months ago a sponsor-backed buyer contracted to pay A$7.40/share for Mayne Pharma. Today, after one of the ugliest broken deals in recent Australian M&A history, the stock sits at $2.60 – roughly a third of contracted value … Continue reading Mayne Pharma (MYX.AX) – a break-up (and a double) hiding in plain sight?