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) - Fukuoka Story Changes Again and Murakami Buys More

[Japan M&A] Murakami Launches Tender on Sankei Real Estate (2972 JP) At ¥125,000/Unit

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

[Japan M&A/Activism] Sankei REIT (2972 JP) - Deal Extended, Div Added (2.2% "Bump") BUT... Murakami!

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>Through a series of sob stories, <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> wrote down the value of their biggest building (as of Feb 2025) last August because a tenant left. </li>
<li>Then they recently said they would have to pay more and wait longer to renovate or sell. Now 11 days later they are taking another writedown. And cancelling the dividend.</li>
<li>That marks the building down 96% from Feb-25 value. And the dividend is out. And Murakami-san owns 19% of a squeeze-able register. There may be no good outcome here.</li>
</ul>


Through a series of sob stories, Sankei Real Estate (2972 JP) wrote down the value of their biggest building (as of Feb 2025) last August because a tenant left. 
Then they recently said they would have to pay more and wait longer to renovate or sell. Now 11 days later they are taking another writedown. And cancelling the dividend.
That marks the building down 96% from Feb-25 value. And the dividend is out. And Murakami-san owns 19% of a squeeze-able register. There may be no good outcome here.


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