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 ECM] TEPCO Selling Kandenko (1942) Shares - Earnings Surprised But Narrative Violation?

Quiddity Advisors

Equity Capital Markets

Tokyo Energy & Systems / Equity Capital Markets

<ul>
<li>Yesterday after the close, <a href="https://www.smartkarma.com/entities/tokyo-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:15457:1" rel="noopener">Tokyo Electric Power Co (9501 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-energy-systems-inc" target="_blank" data-smartkarma-citation="entities:1830:1" rel="noopener">Tokyo Energy &amp; Systems (1945 JP)</a> announced TEPCO would offer up to 3.1mm shares (including greenshoe) in Enesys. </li>
<li>This is not enormous. It is about 9% of shares out. TEPCO will no longer treat it as an equity affiliate and it somewhat frees up the register.</li>
<li>This was better done as a tender offer buyback. Tokyo Enesys is cheap as a capital construct but its equity is tied up where it shouldn't be.</li>
</ul>


Yesterday after the close, Tokyo Electric Power Co (9501 JP) and Tokyo Energy &amp; Systems (1945 JP) announced TEPCO would offer up to 3.1mm shares (including greenshoe) in Enesys. 
This is not enormous. It is about 9% of shares out. TEPCO will no longer treat it as an equity affiliate and it somewhat frees up the register.
This was better done as a tender offer buyback. Tokyo Enesys is cheap as a capital construct but its equity is tied up where it shouldn't be.


[Japan ECM] TEPCO Selling Tokyo Enesys (1945 JP) Shares - Shouldn't Be Surprising