Thread by @bauhiniacapital

And the TOB is done. And SBI only got 56.9mm shares out of the 58.2mm shares desired.

Close enough for horseshoes, hand grenades, and assuming control in their case.

Funny though. There was some serious panic volume going through on TOB Day (when if one had tendered at 2000,

https://twitter.com/bauhiniacapital/status/1463474435923447814

one would not need to sell in the market), and anyone shorting it hard post-tender should have their head examined (they should have shorted into the tender).

The data kinda looks like the account of Nomura Aya (daughter of activist Murakami-san) tendered some shares, but we won't know until Friday, or the next time his company City Index Elevens files.

Why?
Tender quantity was an odd-lot ending in x99 shares. And Nomura Aya held 2+%

of the company, ending in an odd-lot of x99 shares.
And the number of shares which traded ex-tender on 9th and 10th was 7+mm shares which shouldn't have been available if all the actives tendered, so they didn't, but SBI got 56.9mm shares which means either only 58% of actives

tendered and Murakami-san tendered everything OR it means Murakami tendered a bit and actives tendered most.

Back it all out and that is why I noted toys would get tossed from prams post-tender.

Obv we don't know for sure what the shapes look like, and they change a bit because of the index downweights the next few days (FTSE on Friday from 80.8% to 42.0% of 208.641mm shs (think MSCI will cut harder)).

But those were known contingent events.

Nobody is talking about the other ones.

And Shinsei is going to have to make an announcement about one of them in the next 2 weeks.

This pram has a rechargeable toy magazines.