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 Activism] Mandom (4917 JP) MBO Sees Murakami Pushing Harder, Now at 16.59%

[Japan Activism] Mandom (4917 JP) - Murakami at 20% and Mandom Offers A Sweet Poison Pill

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

[Japan M&A] Mandom (4917 JP) MBO - Light Price, Open-Ish Register, Tough to Take Over, Could Do Fun

Quiddity Advisors

Event-Driven

<ul>
<li>On 10 September, CVC announced a family-led MBO of well-known Japanese hair-care/cosmetics firm <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>. Agreed, supported, recommended, for a start date end-September. It was also too light.</li>
<li>I suggested the open-ish register could trigger activists. The stock opened just above terms post-announcement and then traded higher. Shares fell today but it is still 15% through terms. </li>
<li>Hibiki Path Advisors wrote a strong letter. Murakami announced a 6.67% stake yesterday, 8.39% today. But that's 5 days old. Today, the company announced the TOB starts tomorrow. Still fun. </li>
</ul>


On 10 September, CVC announced a family-led MBO of well-known Japanese hair-care/cosmetics firm Mandom Corp (4917 JP). Agreed, supported, recommended, for a start date end-September. It was also too light.
I suggested the open-ish register could trigger activists. The stock opened just above terms post-announcement and then traded higher. Shares fell today but it is still 15% through terms. 
Hibiki Path Advisors wrote a strong letter. Murakami announced a 6.67% stake yesterday, 8.39% today. But that's 5 days old. Today, the company announced the TOB starts tomorrow. Still fun. 


[Japan M&A] Mandom (4917 JP) MBO Launched at ¥1,960, Stock Is 15% Higher and Activists Dream Bigger