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 Index] Post TICO (6201 JP) Tender Offer - The Index Flows, SMALLER than Theoretical

[Japan Partial Tender] Toyota's US$23bn Tender Buyback from TICO Is Potentially a Big Put Option

[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓

[Japan M&A/Activism] Toyota Fudosan -TICO (6201) Deal VII - Risks, Risk Mgmt, and Cui Bono?

[Japan M&A] TAPCO-TICO (6201) Deal VIII - Toyota Group Bumps, Elliott Agrees, STILL the Wrong Price.

[Japan M&A/Activism] ToyotaRE-TICO (6201) Deal VI - Now 7% Thru at 1.0x BVPS... What Will Toyota Do?

Quiddity Advisors

Event-Driven

<ul>
<li>After the Fudosan deal for TICO was upped to ¥20,600 conditional on financing, and banks confirmed they'd fund it, the deal was extended again to 23 March.</li>
<li>In something of a shock to me, Elliott agreed to tender at that new price. Weeks later I do not quite understand. TAPCO was buying at 0.77-0.78x realtime book. Unbelievable.</li>
<li>The recent downdraft in Toyota Group stock prices reduces that, but TAPCO is still buying TICO at a ¥1.1trln discount to.... book value. And probably a ¥3trn discount to fair.</li>
</ul>


After the Fudosan deal for TICO was upped to ¥20,600 conditional on financing, and banks confirmed they'd fund it, the deal was extended again to 23 March.
In something of a shock to me, Elliott agreed to tender at that new price. Weeks later I do not quite understand. TAPCO was buying at 0.77-0.78x realtime book. Unbelievable.
The recent downdraft in Toyota Group stock prices reduces that, but TAPCO is still buying TICO at a ¥1.1trln discount to.... book value. And probably a ¥3trn discount to fair.


[Japan M&A] TICO Closes Monday - The TOB Is Still WAY Wrong - TAPCO ¥20,600 Bid Gets Est. BVPS ¥25k+

Toyota Industries

[Japan M&A] TICO Closes Monday - The TOB Is Still WAY Wrong - TAPCO ¥20,600 Bid Gets Est. BVPS ¥25k+