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/Activism] Bain Releases Presentation Emphasising MCJ (6670 JP) Bid Coercive - Game of 🐓

[Japan M&A] Bain Launches TOB on MCJ (6670 JP) - Their Equity Check Is 4.2x FCF (Too Cheap)

Quiddity Advisors

Event-Driven

<ul>
<li>The Bain-Founder TOB launched on <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a> in February was at the wrong price. Low-mid single digit equity check to FCF. That's cheap. </li>
<li>The Special Committee - unaided by its own advisors - decided the final price was inadequate, but somehow also agreed to not not support it. One committee member dissented.</li>
<li>Ascender Capital wrote a letter one week later. The stock has traded through terms since announcement. Maven published an open letter today. That's late. Maybe too late. But we'll see.</li>
</ul>


The Bain-Founder TOB launched on MCJ Co Ltd (6670 JP) in February was at the wrong price. Low-mid single digit equity check to FCF. That's cheap. 
The Special Committee - unaided by its own advisors - decided the final price was inadequate, but somehow also agreed to not not support it. One committee member dissented.
Ascender Capital wrote a letter one week later. The stock has traded through terms since announcement. Maven published an open letter today. That's late. Maybe too late. But we'll see.


[Japan M&A/Activism] Maven Writes a Letter on MCJ (6670)