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] Maven Writes a Letter on MCJ (6670)

[Japan M&A/Activism] Bain Releases Presentation Emphasising MCJ (6670 JP) Bid Coercive - Game of 🐓

Quiddity Advisors

Event-Driven

<ul>
<li>On Thursday, <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> announced the Founder (34.36%) would join Bain Capital PE to take the company private at ¥2,200/share. That's an ATH but it's too cheap.</li>
<li>The company is a prodigious cashflow generator. Spectacular. Buyers are getting a big bank loan (which can be kept because co has net cash AND 2x EBITDA of 2mo inventory.</li>
<li>The register is not closed enough to make this a truly done deal, but the company is de-levered so any strategic would have to do a two-step deal. </li>
</ul>


On Thursday, MCJ Co Ltd (6670 JP) announced the Founder (34.36%) would join Bain Capital PE to take the company private at ¥2,200/share. That's an ATH but it's too cheap.
The company is a prodigious cashflow generator. Spectacular. Buyers are getting a big bank loan (which can be kept because co has net cash AND 2x EBITDA of 2mo inventory.
The register is not closed enough to make this a truly done deal, but the company is de-levered so any strategic would have to do a two-step deal. 


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