Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>Today after the close, <a href="https://www.smartkarma.com/entities/arisawa-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:18028:1" rel="noopener">Arisawa Mfg (5208 JP)</a> announced (<a href="http://www.arisawa.co.jp/jp/ir/news/data/202012021.pdf" target="_blank" rel="noopener">J-only</a>) a Partial-to-Full Tender Offer for shares of their currently 52.3%-owned (and consolidated) Taiwan-based subsidiary "We Thin Your Flex" <a href="https://www.smartkarma.com/entities/thinflex-corp" target="_blank" data-smartkarma-citation="entities:5386:1" rel="noopener">Thinflex Corp (3144 TT)</a> (website: <a href="https://www.thinflex.com.tw/" target="_blank" rel="noopener">https://www.thinflex.com.tw/</a>).</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/176/077/original/Screenshot%202020-12-02%20at%206.04.57%20PM.png?1606903603" class="editor-image img-responsive" data-smartkarma-image-id="176077"></figure></section><p>So far there is no announcement on emops but it should be forthcoming and when it arrives it will be <a href="https://mops.twse.com.tw/mops/web/t05st01?step=1&amp;firstin=true&amp;year=107&amp;co_id=3144" target="_blank" rel="noopener">here</a>.</p><p>The deal is conditional on them getting to 70% (i.e. buying a minimum of 17.7%) but they will buy all shares tendered. The deal is also conditional on receiving regulatory approval. The Tender Offer Price announced is TWD 36.00/share, which is a relatively tiny premium of 7.1%. </p><p>It is not clear this should fly at that level. </p>

Today after the close, Arisawa Mfg (5208 JP) announced (J-only) a Partial-to-Full Tender Offer for shares of their currently 52.3%-owned (and consolidated) Taiwan-based subsidiary "We Thin Your Flex" Thinflex Corp (3144 TT) (website: https://www.thinflex.com.tw/).So far there is no announcement on emops but it should be forthcoming and when it arrives it will be here.The deal is conditional on them getting to 70% (i.e. buying a minimum of 17.7%) but they will buy all shares tendered. The deal is also conditional on receiving regulatory approval. The Tender Offer Price announced is TWD 36.00/share, which is a relatively tiny premium of 7.1%. It is not clear this should fly at that level. 

Arisawa (5208 JP) Partial Tender for ThinFlex (3144 TT)