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

Riso Kyoiku (4714) Partial Tender (¥320/Sh) Followed by Third Party Dilution To Get Hulic to 51%

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> formed a Business+Capital Alliance with prep/cram/etc school operator <a href="https://www.smartkarma.com/entities/riso-kyoiku-co-ltd" target="_blank" data-smartkarma-citation="entities:20848:1" rel="noopener">Riso Kyoiku (4714 JP)</a> in 2020. They bought 20% by 2021. Then went to 51% in 2024.</li>
<li>Now they want the rest. This is utterly unsurprising. And will be easy. Nobody else really wants this and Hulic controls it already. </li>
<li>This is fair enough as a price in my opinion. It is easy, small, illiquid, and roughly meaningless, except for one small quirk.</li>
</ul>



Hulic Co Ltd (3003 JP) formed a Business+Capital Alliance with prep/cram/etc school operator Riso Kyoiku (4714 JP) in 2020. They bought 20% by 2021. Then went to 51% in 2024.
Now they want the rest. This is utterly unsurprising. And will be easy. Nobody else really wants this and Hulic controls it already. 
This is fair enough as a price in my opinion. It is easy, small, illiquid, and roughly meaningless, except for one small quirk.


[Japan M&A] Hulic Takes Out Riso Kyoiku at ¥295/Share - Small, Unsurprising, Fair Enough, One Quirk.