KEDM Lite Vol. 9

This week’s additions and highlights

1. SPIN-OFFS

• G2 Goldfields (GTWO CN). G Mining is buying G2 Goldfields in a C$3B all‑share deal. G2 holders get 0.212 G Mining shares (C$10.84 value), plus shares in a new exploration spin‑off (G3 SpinCo). The spinco will hold interest in all the remaining G2 properties that G Mining isn’t adding to its portfolio. This can be an interesting one to watch. G2 has been a fantastic investment and is taken out at a good valuation; there might be a chance that the spin will get massively sold (into interesting valuations).

2. STRATEGIC ALTERNATIVES & REVIEWS

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

• AstroNova (ALOT). Askeladden Capital recently disclosed a 9.2% stake in Astronova. We have yet to see strong demands, but those will come. ALOT shares had a dismal performance on the back of acquisitions and disappointing growth. The company recently announced restructuring measures, ao a 10% reduction in the workforce. UPDATE (June 2, 2025) The strong demands have arrived, with pressure from Askeladden increasing. The activist is pushing the company to a.o. review strategic alternatives (noting how Servotronics merger announcement was at a +274% premium) and drastically change the Board structure.

  UPDATE (April 14, 2026) In what is a major surprise (not at all), AstroNova announced it will review strategic alternatives, arguing that the market is undervaluing the company. From what we understand from more knowledgeable people, Aero alone could be worth $15-20 p/s. PID is still a $100m revenue business, though ofc not comparable to Aero. A reminder about the huge Servotronics merger premium.

• AKVA Group (AKVA NO). Aquaculture tech company AKVA has started a strategic review (i.c. looking for buyers). Good timing as years of investment is showing results, with good improvements in revenue and profitability. The company says momentum is strong and is targeting 2030 revenues of NOK 7bn and an EBIT margin above 10%. That’s over 20% CAGR on EBIT. Nice for a ldd EV/EBITDA on 2025 EBIT. Its two largest shareholders support exploring options, which is almost 70% of shares.
• Aegon (AGN NA). Bloomberg reported that Lloyds and Phoenix have submitted early bids for Aegon UK. Canada Life and Royal London are also in the mix, and the process is still open. A reminder that Aegon announced a strategic review of Aegon UK, preparing a formal sale process. Reports mentioned that Aegon is seeking around £1.2bn. Quite sizable (~13% of the market cap) which bodes well for potential shareholder return as Aegon is a decently capitalized company. Outcome expected in H1 26.

  UPDATE (April 14, 2026) Aegon is close to selling its UK life‑insurance business, with Lloyds and Standard Life both in the game. A decision is expected within days and will bring in likely around €2bn for increasing share buybacks or making a US acquisition. A sale could also mean that a potential sale of the €3bn ASR stake is next. All in all, large divestments given the company’s size.