Performance
Since 2009, Black Crane has driven corporate events and governance changes within our target companies to create shareholder value.
Case Studies
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The investments below illustrate the types of opportunities Black Crane seeks. While each situation is unique, common themes include capital structure change, governance improvement, industry consolidation, asset monetisation and strategic transactions.
Agricultural Services
Elders
Elders
Australia
Mining Equipment
emeco
Australia
Telecom Network
Chorus
New Zealand
Security Monitoring
IMG
Australia & New Zeland
Detailed case studies and fund information available upon request.
SITUATION
Near-bankrupt after unsuccessful forestry diversification
Mining sector downturn; shares trading at large discount to replacement cost of equipment
SITUATION
Stock collapsed after adverse regulatory ruling cut copper prices and halted dividends
SITUATION
Number one ANZ security monitoring business; undervalued with consolidation runway
SITUATION
ACTION
Built a ~30% position in distressed hybrid securities
ACTION
Built 15% equity stake and acquired bonds at 60¢ on the dollar
ACTION
Built position on thesis ruling would reverse and new regime would unlock value
ACTION
Built concentrated ~40% weighted position ahead of debt refinancing
OUTCOME
Influenced capital restructuring and negotiated buyback at ~4x average cost
Drove industry consolidation; exited bonds at 2.5x invested capital
OUTCOME
OUTCOME
Ruling reversed, dividends resumed, asset-based regime adopted
OUTCOME
Refinancing executed; consolidation underway, position ongoing
64.1%
IRR
4.3X
MoM
22.2%
IRR
1.5X
MoM
26.9%
IRR
2.2X
MoM
Still Active
Industry Awards
#1 Asia, #6 Globally — Event-Driven Funds
HFM Awards
#1 Asian Event Driven Fund
Eurekahedge — 2 consecutive years
Best Asia ex-Japan Hedge Fund
Eurekahedge
Best Event Driven Fund
Investors Choice Awards — Hong Kong