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

Mischief Managed! Iwatani Corp (8088) Buys Out Murakami-San's Cosmo Energy Stake

Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can't Vote

Cosmo Energy (5021) Vs Murakami - It's On!

Quiddity Advisors

Event-Driven

<ul>
<li>Japanese activist Murakami-san and <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy Holdings (5021 JP)</a> have been duking it out for 18 months. He now has 20%. Wants more. Management wants to exercise the poison pill. </li>
<li>Cosmo's efforts are not completely honest, but Murakami-san's efforts are clearly designed to benefit Murakami-san over general shareholders, and Cosmo has finally explained the reasons publicly. Read the <a href="https://www.cosmo-energy.co.jp/content/dam/corp/jp/ja/news/2023/10/24-1/pdf/231024jp_01.pdf" target="_blank" rel="noopener">doc</a> (Japanese).</li>
<li>At 1.0x book, lower refining margins vs earlier in the year, and difficulty for Murakami-san to force the issue, one must take more care here than one did 40% ago.</li>
</ul>


Japanese activist Murakami-san and Cosmo Energy Holdings (5021 JP) have been duking it out for 18 months. He now has 20%. Wants more. Management wants to exercise the poison pill. 
Cosmo's efforts are not completely honest, but Murakami-san's efforts are clearly designed to benefit Murakami-san over general shareholders, and Cosmo has finally explained the reasons publicly. Read the doc (Japanese).
At 1.0x book, lower refining margins vs earlier in the year, and difficulty for Murakami-san to force the issue, one must take more care here than one did 40% ago.


Cosmo Energy (5021) - Headed to an EGM Showdown for the Poison Pill