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

[Japan Activism] Activists Control LESS of Sanken (6707) Now - But Spread Is Wide and ALGM Grows

Effissimo Launches Unsolicited/Hostile Partial Tender On Sanken Electric

Effissimo, Sanken, and Allegro - Thinking About the Future

Quiddity Advisors

Event-Driven

<ul>
<li>Effissimo Capital Management launched a partial Tender Offer for <a href="https://www.smartkarma.com/entities/sanken-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:6073:1" rel="noopener">Sanken Electric (6707 JP)</a> five years ago. The goal was 20%. That tender failed but 6mos later they were at 19%.</li>
<li>Effissimo bought more, and the company bought back 20% of shares; Effissimo is at 36% now. In late 2022, Oasis bought 6.8%. Now 9.8%. Activists effectively control the vote.</li>
<li>In Q3 2024, Sanken de-consolidated <a href="https://www.smartkarma.com/entities/allegro-microsystems-inc" target="_blank" data-smartkarma-citation="entities:29707:1" rel="noopener">Allegro MicroSystems (ALGM US)</a> but their stake is still 2x Sanken's market cap. The "core" business is weak, but should grow. The question is pressure.</li>
</ul>


Effissimo Capital Management launched a partial Tender Offer for Sanken Electric (6707 JP) five years ago. The goal was 20%. That tender failed but 6mos later they were at 19%.
Effissimo bought more, and the company bought back 20% of shares; Effissimo is at 36% now. In late 2022, Oasis bought 6.8%. Now 9.8%. Activists effectively control the vote.
In Q3 2024, Sanken de-consolidated Allegro MicroSystems (ALGM US) but their stake is still 2x Sanken's market cap. The "core" business is weak, but should grow. The question is pressure.


[Japan Activism] Activists Control Sanken (6707 JP) Going Forward - Watch For Better Plans