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] Sankei REIT (2972 JP) - Deal Extended, Div Added (2.2% "Bump") BUT... Murakami!

[Japan M&A/Activism] Sankei REIT (2972)  Extended, and Murakami-San Buys More But...

[Japan M&A/Activism] Sankei REIT (2972) Cancels Previously Announced End-Feb Div - Outcome Murkier

[Japan M&A/Activism] Murakami Group Jump into Sankei REIT (2972) Complicating Things

[Japan M&A] Tosei & GIC Bid for Office-Heavy Sankei REIT (2972 JP) At 1.15x PNAV

Sankei Real Estate (2972) Sponsor Buy Now On And It Isn't Small (Even if the REIT Is)

Quiddity Advisors

Event-Driven

<ul>
<li>On 6-Jan-2026, <a href="https://www.smartkarma.com/entities/tosei-corp" target="_blank" data-smartkarma-citation="entities:11224:1" rel="noopener">Tosei Corp (8923 JP)</a> and GIC announced a Tender Offer of <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, as <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> was disposing of non-operating assets.</li>
<li>I recommended buying for the possible squeeze as the minimum might be difficult. Murakami started buying and now has 15.9% at last look. I recommended selling. Now it's VERY difficult.</li>
<li>The Bidders and Murakami have been strangely quiet. The unit price has fallen back close to terms. The tender ends tomorrow. What To Do?</li>
</ul>


On 6-Jan-2026, Tosei Corp (8923 JP) and GIC announced a Tender Offer of Sankei Real Estate (2972 JP), as Fuji Media Holdings (4676 JP) was disposing of non-operating assets.
I recommended buying for the possible squeeze as the minimum might be difficult. Murakami started buying and now has 15.9% at last look. I recommended selling. Now it's VERY difficult.
The Bidders and Murakami have been strangely quiet. The unit price has fallen back close to terms. The tender ends tomorrow. What To Do?


[Japan M&A/Activism] Murakami Bought, Squeezed, Now Tender Closing