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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Quiddity Advisors

Event-Driven

<p><a href="https://www.smartkarma.com/entities/15895" target="_blank" data-smartkarma-citation="entities:15895:1">Pioneer Corp (6773 JP)</a> has been under the cosh for years, and multiple self-directed rescue efforts have been to no avail. In early September it was <a href="https://global.pioneer/en/news/press/2018/pdf/0907-1.pdf" target="_blank">revealed</a> that Pioneer had sold its Tohoku Pioneer subsidiary to <a href="https://www.smartkarma.com/entities/18703" target="_blank" data-smartkarma-citation="entities:18703:1">Denso Corp (6902 JP)</a> for ¥10.9bn, and less than a week later it was revealed in the Nikkei, then the Japan Times that Pioneer was going to get a short-term loan of ¥25bn from Baring Private Equity Asia leading to an equity injection of ¥50-60bn a few months later in December 2018. </p><p>The <a href="https://global.pioneer/en/news/press/2018/pdf/0912-1.pdf" target="_blank">announcement</a> of the MOU was effectively the commencement of the final death throes of Pioneer as a company. Pioneer set a record date at the time, then in November changed the record date to 7 December.</p><h2>The New News</h2><p>On Friday 7th December Pioneer announced a "<a href="https://global.pioneer/en/ir/announcements/" target="_blank">Partnership</a>" with Baring Private Equity Asia which is a revitalization plan of ¥102 billion. </p><p>The Partnership  announcement makes note of the Baring investment. It mentions that the deal will offer to offer minority shareholders an exit. There is a finalization of the 7 Dec record date and a call to an EGM to approve share issuance and debt/equity swap to Baring. The announcement does not mention investors are effectively being asked to approve their own squeezeout at 25% below the last price.</p>

Pioneer Corp (6773 JP) has been under the cosh for years, and multiple self-directed rescue efforts have been to no avail. In early September it was revealed that Pioneer had sold its Tohoku Pioneer subsidiary to Denso Corp (6902 JP) for ¥10.9bn, and less than a week later it was revealed in the Nikkei, then the Japan Times that Pioneer was going to get a short-term loan of ¥25bn from Baring Private Equity Asia leading to an equity injection of ¥50-60bn a few months later in December 2018. The announcement of the MOU was effectively the commencement of the final death throes of Pioneer as a company. Pioneer set a record date at the time, then in November changed the record date to 7 December.The New NewsOn Friday 7th December Pioneer announced a "Partnership" with Baring Private Equity Asia which is a revitalization plan of ¥102 billion. The Partnership  announcement makes note of the Baring investment. It mentions that the deal will offer to offer minority shareholders an exit. There is a finalization of the 7 Dec record date and a call to an EGM to approve share issuance and debt/equity swap to Baring. The announcement does not mention investors are effectively being asked to approve their own squeezeout at 25% below the last price.

Barring Beleaguered Booster Boldness, Baring Buys Pioneer (In a Takeunder)