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A month ago I broke down the Nio/Hefei transaction that purported to put a high valuation on Nio's China business, suggesting that US investors and bondholders were probably being fleeced. With the release of Nio's 20-F annual filing, we can now definitively conclude that the Hefei 'Strategic Transaction' is nothing more than an asset strip, … Continue reading More on NIO: the devil is in the details
Thesis summary: Metlifecare (MET), a New Zealand-listed retirement village operator, is a highly attractive, 'heads I win big, tails I don't lose' type of investment. EQT, the Swedish private equity powerhouse, is attempting to reneg on a recently-agreed takeover of MET at $7/share - a 68% premium to the current quote ($4.16) - by claiming the onset … Continue reading Metlifecare: heads I win big, tails I don’t lose (or better)