ToffCap's Monday Monitor #53

Actionable event-driven and special situations

ToffCap’s Monday Monitor is our weekly overview of actionable event-driven trades and special situations.

QUICK NOTE: We will take a short brake with the TMM over the next few weeks for Easter and some work related travels. We promised you 42 - 46 TMMs per year, and we are very much on schedule.

The TMM will return on May 5th.

Disclaimer. ToffCap’s Monday Monitor is provided for informative purposes only. No due diligence has (yet) been performed on the names on this list. The list might change strongly on a regular basis. This overview does not constitute advice; always do your own due diligence. The list is dynamic; it continues to grow and change. If you have interesting additions to the list, feel free to contact us at contact@toffcap.com or on Twitter.

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This week’s additions and highlights

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1. SPIN-OFFS

• Anglo American Platinum (AMS South Africa). Anglo American will spin its 67% owned platinum group metals business Anglo American Platinum (AAP) on May 31 (~51% of AMS). AAP has also set a date for a secondary listing in London (June 2).

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2. STRATEGIC ALTERNATIVES & REVIEWS

(Potential take-outs, asset sales, M&A, etc.)

• Keros Therapeutics (KROS US). Keros announced a strategic review to maximise shareholder value, including a sale. The company also adopted a shareholder rights plan. Keros ended 2024 with $560m in cash; there's also $200m upfront payment received from Tameda in Q1. This one is interesting as there's been quite some discussion about it on several platforms; plenty of information for anyone interested.