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

[Quiddity Index] Nikkei 225 Sep26 Rebal Preview II - 2 Auto ADDs, 1 Extra Likely, 1 Cap

[Japan M&A/Activism] ToyotaRE-TICO (6201) Deal VI - Now 7% Thru at 1.0x BVPS... What Will Toyota Do?

[Japan M&A/Activism] Toyota Fudosan -TICO (6201) Deal VII - Risks, Risk Mgmt, and Cui Bono?

[Japan M&A/Activism] Toyota RE Deal for Toyota Inds (6201) Part II: Trading Through, Buns at Dawn

[Japan M&A/Activism] Toyota RE Deal for Toyota Industries (6201 JP) Last Looks

[Japan M&A/Activism] Toyota RE Says No Bump for Toyota Inds (6201) Part III - Elliott Makes Its Case

Quiddity Advisors

Event-Driven

<ul>
<li>Toyota Asset Preparatory Co today extended its tender for <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> til 2 March. They indicated 33.1% had tendered as of 1pm. That suggests 95+% of minorities hadn't.</li>
<li>It repeated its statement that it is paying full intrinsic value for the company. I think that is patently, demonstrably false. If they think so, they are the wrong buyer.</li>
<li>Shares popped after the news. They reiterated they had no intention to pay more. That's par for the course. I expect they may bid up, but still not get it.</li>
</ul>


Toyota Asset Preparatory Co today extended its tender for Toyota Industries (6201 JP) til 2 March. They indicated 33.1% had tendered as of 1pm. That suggests 95+% of minorities hadn't.
It repeated its statement that it is paying full intrinsic value for the company. I think that is patently, demonstrably false. If they think so, they are the wrong buyer.
Shares popped after the news. They reiterated they had no intention to pay more. That's par for the course. I expect they may bid up, but still not get it.


[Japan M&A/Activism] Toyota RE Deal for TICO (6201) Extended. VERY Few Minorities Have Tendered.