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 CorpGov] TSE "Mgmt Conscious" Reports (Feb26) - Disappointing Case Studies, Weak Study Group

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

StubWorld: On Toyota Inds (6201 JP)'s Last Day Of Offer

[Japan M&A] Toyota RE Deal for Toyota Inds (6201) Part I; Offensive Process, Light Deal, Bun Fight?

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

[Japan M&A] Toyota Inds (6201) - Process ALWAYS Bad, Price Bad To Worse; Easily Worth ¥20k+

[Japan M&A] ARCHION (Hino+MFTBC) Merger Incoming; Still a Re-IPO, Still Rich

Quiddity Advisors

Event-Driven

<ul>
<li>This morning, Elliott made its case to interested investors, explaining much of its presentation and the possible choices investors face. TF's average buy price is &lt;¥18,000. Q3 BVPS likely ¥20k+.</li>
<li>But of course, realtime BVPS is higher, and transaction structure BVPS comes out near ¥24k. This is too cheap. Still. </li>
<li>Post-Close today, BidCo said "[The TOB Price] is the best possible price that reflects the intrinsic value of [TICO]". That tells me and many others, Bidco isn't the right buyer. </li>
</ul>


This morning, Elliott made its case to interested investors, explaining much of its presentation and the possible choices investors face. TF's average buy price is &lt;¥18,000. Q3 BVPS likely ¥20k+.
But of course, realtime BVPS is higher, and transaction structure BVPS comes out near ¥24k. This is too cheap. Still. 
Post-Close today, BidCo said "[The TOB Price] is the best possible price that reflects the intrinsic value of [TICO]". That tells me and many others, Bidco isn't the right buyer. 


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