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

Daito Trust Construction (1878 JP) Tactical Outlook After TOB for The Global Ltd (3271 JP)

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a> yesterday announced a deal to buy <a href="https://www.smartkarma.com/entities/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global Ltd/The (3271 JP)</a> from <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> who bought 3.5yrs ago. SBI will print a nice gain.</li>
<li>The deal at ¥1,280 for minorities (and ¥894 for SBI) is probably light given the turnover and the building plans for the next 3-5yrs, BUT, it's tough to know.</li>
<li>Shareholder structure is opaque beyond the 62% owned by SBI and Asahi Kasei. This looks easy but could get difficult quickly if someone wanted to make it difficult.</li>
</ul>



Daito Trust Construct (1878 JP) yesterday announced a deal to buy Global Ltd/The (3271 JP) from SBI Holdings (8473 JP) who bought 3.5yrs ago. SBI will print a nice gain.
The deal at ¥1,280 for minorities (and ¥894 for SBI) is probably light given the turnover and the building plans for the next 3-5yrs, BUT, it's tough to know.
Shareholder structure is opaque beyond the 62% owned by SBI and Asahi Kasei. This looks easy but could get difficult quickly if someone wanted to make it difficult.


[Japan M&A] Daito Trust To Buy The Global Group (3271 JP) From SBI and Asahi Kasei. Cheapish BUT...