KEDM Lite Vol. 17

Actionable event-driven and special situations

We highlight and monitor actionable event-driven trades and special situations.

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Big news: Our new Fund Letter Special report is out!

For years, we’ve tracked hundreds of investment letters. That is a LOT of information to sift through.

So we finally decided to be more selective, distill the best insights, and consolidate them into a single report: our new cool-ass Fund Letter Special report.

We’ll be publishing this quarter, and will be a treasure trove of info. You can download the full Q1 2026 report here.

Disclaimer. KEDM Lite 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 info@kedm.com or on Twitter. For the full disclaimer, please go here.

This week’s additions and highlights

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1. SPIN-OFFS

• Honeywell (HON US). With the listing of Quantinuum (QNT) completed, the next action point for Honeywell is the upcoming spin of Aerospace. Aerospace will trade under HONA on June 29 (record date June 15), and we note the Aerospace investor day of June 3 for more info on the case. Also, a reminder of the upcoming investor day of Honeywell Technologies on June 11. Lastly, HON announced a reverse stock split (1 for 2) after the separation of HONA. Uff, a lot is going on!

• Resideo Technologies (REZI US). Resideo confirmed that the spin of its ADI Global Distribution business is on track for mid‑Q3 - mid‑Q4. There will be an investor day on July 13 where both Resideo and ADI will show their standalone strategies and long‑term targets. The company also confirmed that both P&S and ADI tracking at or above midpoint expectations.

• Brazilian Rare Earths (BRE AU). Brazilian Rare Earths is spinning out its Amargosa bauxite‑gallium project into a new ASX‑listed company, Alurion Resources, letting BRE stay focused on rare earths. Amargosa is a 568 Mt resource with 98 Mt of high‑grade direct‑ship bauxite, a relatively simple low‑capex development path, and from what it looks like some strong economics (NPV8 US$630m, IRR 82%). BRE will retain a 17-18% stake. BRE has done tremendously well over the past year, and these spins are often interesting opportunities.

  UPDATE (June 9, 2026) You might want to check out the recent investor presentation + prospectus on the upcoming Alurion spin. 0.5607 ALU shares per BRE share. Distribution expected on July 23.

• Pacgold (PGO AU). Pacgold is spinning out its North Queensland gold assets (Alice River and St George) into Manda Resources, which will be backed by Emerald Resources. Manda will combine Pacgold’s projects with Territory Minerals to form a 1.33Moz Queensland explorer and intends to raise $30m. Pacgold will focus on ramping up production at White Dam. Interesting move as it splits assets at two distinct stages: near‑term production vs exposure to a (well‑funded) exploration company. Interesting one.

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2. STRATEGIC ALTERNATIVES & REVIEWS

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

• Centerspace (CSR US). Centerspace concluded its strategic review with the announcement that it will sell down some property to reduce its debt burden. Not exactly the most exciting news (given that a full sale was on the table); indeed, the shares dropped >10% on the news. CSR is also planning special distributions later this year (~6% market cap). Perhaps it is more interesting now to take a look as the company does have a few decent assets.