ToffCap's Monday Monitor #63

Actionable event-driven and special situations

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

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

• Liberty Broadband (LBRDA US). If you're into Liberty financial action, you might want to tune in tomorrow's presentation on the company's upcoming spin of GCI Liberty. The spin is to be completed over the next few months.

  UPDATE (July 7, 2025) A reminder that GCI Liberty will spin on July 14 (0.2 : 1).

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2. STRATEGIC ALTERNATIVES & REVIEWS

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

• Lindex (LINDEX Finland). Lindex will relist in Sweden, is getting rid of loss making Stockmann and will do a sale and leaseback of their €115m distribution facility. Remainco should look much better (and hence improved valuation).

  UPDATE (July 7, 2025) Lindex FINALLY received court approval to basically end its long ongoing restructuring program. This is a big step towards the strategic assessment (i.c. sale) of its Stockmann department store business. In other words, Lindex can finally get rid of this poor business which has been murking the rest of the (good) business. Could unlock good value.

• Lands' End (LE US). LE received a letter from Edward Lampert, pushing the company to initiate a strategic sale process to maximise shareholder value. The company is 'reviewing the letter'. Small detail: Lampert owns 55% of the company. No significant share price reaction. UPDATE (March 10, 2025) It didn't take long. LE initiated a process to explore strategic alternatives, including a sale, to maximize shareholder value. UPDATE (June 9, 2025) LE reiterated that it's strategic review process (i.c. sales) is ongoing.

  UPDATE (July 7, 2025) Bloomberg reported that Authentic Brands and WHP have submitted bids to acquire Lands' End. Seems very likely this one is a go.