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 M&A] 99Soft MBO at 52% Premium Is Too Light But A Bump May Be Tough

[Japan M&A/Activism] Soft99 Board Rebuts Effissimo's Rebuttal. Still An Awful "Fiduciary" Response

[Japan M&A/Activism] SOFT99 MBO Sees Activist EffissimoOverbid by 66%! Will This Set New Precedent?

[Japan M&A/Activism] Soft99 Plummets, Rebounds, Activist Rebuts, KeePer Lab Holds, MBO Extends

[Japan M&A/Activism] Soft99 Board Comes Out Against Effissimo Bid 66% Above MBO Price

Quiddity Advisors

Event-Driven

<ul>
<li>The MBO needed a minimum of 7,566,400 shares to succeed at a revised ¥2,680, after extension and extension, but it only got 5,601,461 shares when faced by a ¥4,100/share counter-tender.</li>
<li>I found that 5.6mm share number quite high. I was surprised they got that much. Effissimo ran its tender, got 6.8mm shares. I thought that low. But it got done.</li>
<li>Now Effissimo is running its SECOND tender. No minimum, but unless the family "give up" there is no path to two-thirds leaving the stock potentially in limbo.</li>
</ul>


The MBO needed a minimum of 7,566,400 shares to succeed at a revised ¥2,680, after extension and extension, but it only got 5,601,461 shares when faced by a ¥4,100/share counter-tender.
I found that 5.6mm share number quite high. I was surprised they got that much. Effissimo ran its tender, got 6.8mm shares. I thought that low. But it got done.
Now Effissimo is running its SECOND tender. No minimum, but unless the family "give up" there is no path to two-thirds leaving the stock potentially in limbo.


[Japan M&A/Activism] - Effissimo's SECOND Tender for Soft99 (4464) Starts But The Future Is Unclear

Soft99 Corp

[Japan M&A/Activism] - Effissimo's SECOND Tender for Soft99 (4464) Starts But The Future Is Unclear