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

TOPIX Index Upweights: An Early Preview Of "The Big April Basket" 2026; US$1bn+ Index Flows Possible

[Quiddity Index] Nikkei 225 Sep26 Rebal Preview II - 2 Auto ADDs, 1 Extra Likely, 1 Cap

[Japan M&A/Activism] Toyota RE Deal for TICO (6201) Extended. VERY Few Minorities Have Tendered.

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

Quiddity Advisors

Event-Driven

<ul>
<li>On 25 February, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> and subsidiary <a href="https://www.smartkarma.com/entities/toho-titanium-co-ltd" target="_blank" data-smartkarma-citation="entities:12709:1" rel="noopener">Toho Titanium (5727 JP)</a> announced they would conduct a scrip merger to be effective in three months.</li>
<li>Unlike most scrip mergers in Japan in recent years, this time the parent is paying a 50% premium vs last trade. </li>
<li>There is, however, an interesting quirk to this transaction. It will be super-aggravating to some after what looks like, on the face of it, an OK result.</li>
</ul>


On 25 February, JX Advanced Metals (5016 JP) and subsidiary Toho Titanium (5727 JP) announced they would conduct a scrip merger to be effective in three months.
Unlike most scrip mergers in Japan in recent years, this time the parent is paying a 50% premium vs last trade. 
There is, however, an interesting quirk to this transaction. It will be super-aggravating to some after what looks like, on the face of it, an OK result.


[Japan M&A] JX Advanced Metals (5016) And Toho Titanium (5727) To Merge VERY Quickly