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Terton Capital Profile picture
Terton Capital
@terton_capital
Investing in public equities in APAC. Disclaimer: Do your own due diligence/posts aren't financial advice.
Jun 29 • 5 tweets • 2 min read
Golfzon Holdings (121440 KS) is one of the most egregious attempts at a take-under that I have seen in recent memory. The Kim family, which owns ~54%, want to tender for the remaining shares at 6,700 KRW. The price before this tender offer was ~4,250 KRW. I have fair value at ~27,000 KRW. Full disclosure: we own shares and do not believe that a fair value is being offered. Please reach out to ralbert@tertoncapital.com if you feel similarly and want to discuss. Due your own due diligence.

biz.chosun.com/en/en-finance/…

(1/5)Image Golfzon Holdings most important asset is a 31.6% ownership stake in Golfzon County, Korea's largest golf course operator with 21 golf courses (~477 holes). At 3-4B KRW per hole, Golfzon Holdings' stake is worth ~525B KRW. This asset is not controlled by Golfzon Holdings so it is not consolidated in the financial statements. This recent article summarizes the financials well.

thebell.co.kr/front/newsview…

(2/5)