KEDM Lite Vol. 2

Actionable event-driven and special situations

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

🚨 IMPORTANT 🚨

The TMM is now KEDM Lite!

We recently announced that TMM will be partnering with KEDM.

KEDM is a weekly event-driven monitor, screening 30+ event-driven strategies, each week, and flagging what’s interesting. It also highlights a new investing theme each week. 150+ pages of data!

Going forward, the TMM has been incorporated into the KEDM world and rebranded to KEDM Lite.

The goal remains the same: flagging 30+ interesting event-driven sits. Only now we’ll be able to leverage a MUCH larger platform (and bigger team).

For you, this will mean the same TMM, but better.

And a last reminder to free subscribers: you can subscribe (for free) to KEDM Weekly. This will give you a taste of what to expect for KEDM Lite!

Weekly Monitor | KEDM

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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.

This week’s additions and highlights

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1. SPIN-OFFS

• Arko (ARKO US). Convenience store operator Arko recently completed the spin of its wholesale fuel distribution operations, ARKO Petroleum. Ticker APC. Interesting to keep an eye on this one given the big business differences as well as Arko’s focus on debt reduction.

• Realbotix (XBOT CN). It is generally indeed smart to keep your sex and family-friendly robots separated. Realbotix will spin its adult robot division into ex-biotech, now shell company Onconetix (ONCO). Weird case, but the large differences between the units (also in terms of growth potential) might warrant a look.

• Hexagon (HEXAB SS). Hexagon provided additional financial and organisational information for its upcoming Octave spin-off. The unit’s results have been under pressure over H1 25, but sported >30% ebit margins in 2024 and 27% in H1 25. Let’s hope for some interesting action after the spin.

  UPDATE (February 17, 2026) The spin is now planned for the second part of Q2. Hexagon also provided more financial info on Octave.

• Talenom (TNOM FH). Talenom has initiated a strategic review regarding a separate listing of its Easor software business. A potential separation is planned for H1 26. A reminder that these businesses (e Accounting and Software) generally tend to be valued a quite different multiples, and are currently wrapped in one company trading at 7x ev/ebitda. UPDATE (October 27, 2025) Talenom approved the spin.

  UPDATE (February 17, 2026) A reminder that Talenom will spin its software business (Easor) over the next few weeks. Interesting time, given the large pressure on Talenom’s share price. Q3 revenue dropped 13% mainly due to customer churn. Recent acquisitions created integration problems that pushed churn even higher. There’s also worries about leverage (Talenom has grown quite a bit inorganically). So we could see some interesting volatility here.

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2. STRATEGIC ALTERNATIVES & REVIEWS

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

• 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 capitalised company. Outcome expected in H1 26.