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 Event] The Crasus Chemical (646A) Spinoff - Details, Valuation, Flows

Quiddity Advisors

Event-Driven

<ul>
<li>Back in February 2024, <a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> announced it would start an assessment of a partial spinoff of its petrochemicals division, <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical (646A JP)</a>. </li>
<li>Resonac updated in July 2026. In August the Board resolved to deliver 80+% of shares to Resonac investors. Today the TSE approved. Crasus starts trading on Resonac ex-rights day 29-September.</li>
<li>The "center" value should be determined in about a week to ten days. The estimate of asset distribution right now is 0.09 per Resonac share. There will be index effects.</li>
</ul>


Back in February 2024, Resonac Holdings (4004 JP) announced it would start an assessment of a partial spinoff of its petrochemicals division, Crasus Chemical (646A JP). 
Resonac updated in July 2026. In August the Board resolved to deliver 80+% of shares to Resonac investors. Today the TSE approved. Crasus starts trading on Resonac ex-rights day 29-September.
The "center" value should be determined in about a week to ten days. The estimate of asset distribution right now is 0.09 per Resonac share. There will be index effects.


[Japan Event] The Crasus Chemical (646A JP) Spinoff from Resonac (4004 JP)