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 Advisors

Event-Driven

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/hikari-tsushin-inc" target="_blank" data-smartkarma-citation="entities:4909:1" rel="noopener">Hikari Tsushin (9435 JP)</a> announced a deal to buy out <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> partnering with MBK and NEC Capital, taking out Fortress' last 15%. </li>
<li>Hikari Tsushin bought its large stake very low in 2022, post-scandal. Fortress did too. Murakami tried earlier, failed. Others made money on it. </li>
<li>This deal offers near zero basic transparency, and comes at a sharp discount to the midpoint of the fair value DCF ranges. Very not a good look. But it's vulnerable.</li>
</ul>


Today after the close, Hikari Tsushin (9435 JP) announced a deal to buy out Leopalace21 Corp (8848 JP) partnering with MBK and NEC Capital, taking out Fortress' last 15%. 
Hikari Tsushin bought its large stake very low in 2022, post-scandal. Fortress did too. Murakami tried earlier, failed. Others made money on it. 
This deal offers near zero basic transparency, and comes at a sharp discount to the midpoint of the fair value DCF ranges. Very not a good look. But it's vulnerable.


[Japan M&A] Hikari Tsushin + Friends to Buy Leopalace21 (8848) - Light Bid, Somewhat Open Register