AGI Therapeutics – Anatomy of a Takeover (I)

Tags

AGI Therapeutics, Ark Therapeutics, Carl Icahn, catalyst, Daniel Loeb, Recommended Cash Offer, Risk Arbitrage, Seth Klarman, TGISVP

This post, and this one here, are good required reading. Yes, AGI Therapeutics (AGI:ID/LN) was the Risk Arb investment to which I was referring.

This is the one Irish share I did not disclose owning during TGISVP. My apologies, readers – but AGI trading volumes were atrocious, and I was still building a position with great difficulty. However, when I got to covering AGI during TGISVP, I simply tagged its fair value as simply being equal to the Recommended Cash Offer – so no issues there, I believe. Now that I recently received my final batch of proceeds from the AGI takeover, I thought it might be useful/interesting to walk through my thinking and exact positioning throughout the process.

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Xmas List (II)

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A.W. Jones, Charles Kindleberger, Margin of Safety, Matt Cooper, Peter Cundill, Peter Gyllenhammar, Reinhart & Rogoff, Seth Klarman

Finance:                   

‘There’s Always Something to Do’ – Christopher Risso-Gill:   I was always a big admirer of Peter Cundill, and was saddened to see he passed away at the beginning of the year. If I recall, Cundill was perhaps my first memorable introduction to the exotic world of international value investing, and I look forward to some useful tips and insight from a master in this book.

‘Free Capital’ – Guy Thomas:   I haven’t actually come across a copy of this yet. Yes, I’m a big supporter of bookshops…so I can suss out what books I actually want to buy on Amazon! Only kidding, I do try to buy in bookstores as much as possible. At least, they’re a lot more enjoyable and comfortable places to be these days. I’m bemused to recall my local bookstore years ago: As far as I could tell, the shop assistants (yes, they were called that then) had only 2 functions: a) to stare at you in contempt when you tried to buy a book, or even worse inquire about one, and b) to sneak up behind you, and yell ‘No reading the books!’ over your shoulder… How quaint!