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

IJTT (7315 JP) - Truly Offensive Takeover Price Gets Bumped, Offensively

IJTT (7315) - Last Trading Day for Still Truly Offensive Tender Offer

Sparx Launches Another Offensively Underpriced Takeover at a Fat Premium - SNT (6319) +94%

Quiddity Advisors

Event-Driven

<ul>
<li>A Fund named Mirai Creation Fund, investing in five "fields" "vital to the future" ("intelligent technologies", robotics, hydrogen-economy, electrification, and "new materials") will buy out casting/forging mainstay IJTT. </li>
<li>The look and feel of this fund screams "lead me to the future", so of course, the buy-out is being done with 26% equity, 74% debt. Levered is good.</li>
<li>That's to buy at 0.46x PBR. Equity check is 12% of net assets. The Board says "yes" because it will lead to "improvement of corporate value". Unfortunately, not for shareholders. </li>
</ul>


A Fund named Mirai Creation Fund, investing in five "fields" "vital to the future" ("intelligent technologies", robotics, hydrogen-economy, electrification, and "new materials") will buy out casting/forging mainstay IJTT. 
The look and feel of this fund screams "lead me to the future", so of course, the buy-out is being done with 26% equity, 74% debt. Levered is good.
That's to buy at 0.46x PBR. Equity check is 12% of net assets. The Board says "yes" because it will lead to "improvement of corporate value". Unfortunately, not for shareholders. 


IJTT (7315 JP) - A Truly Offensive Takeover Price and Process To Buy Out Minorities at 0.46x Book

IJTT Co., Ltd.

IJTT (7315 JP) - A Truly Offensive Takeover Price and Process To Buy Out Minorities at 0.46x Book