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 M&A/Activism] Murakami Group Jump into Sankei REIT (2972) Complicating Things

[Japan M&A/Activism] Murakami Bought, Squeezed, Now Tender Closing

[Japan M&A/Activism] Sankei REIT (2972 JP) - Deal Extended, Div Added (2.2% "Bump") BUT... Murakami!

Sankei Real Estate (2972) Sponsor Buy Now On And It Isn't Small (Even if the REIT Is)

Sponsor of Sankei Real Estate (2972) To Buy More Units in Revival Plan

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/tosei-corp" target="_blank" data-smartkarma-citation="entities:11224:1" rel="noopener">Tosei Corp (8923 JP)</a> and GIC announced they would launch a TOB for <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, which is end-sponsored by <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a>. </li>
<li>This gets Fuji Media out of a small asset and side business they don't need, and it clears out a small office-heavy diversified REIT which doesn't need to exist.</li>
<li>This is not a bad price. It is not necessarily over the top, but other larger REITs are cheaper. There is some weirdness in holder structure to watch out for.</li>
</ul>


Today, Tosei Corp (8923 JP) and GIC announced they would launch a TOB for Sankei Real Estate (2972 JP), which is end-sponsored by Fuji Media Holdings (4676 JP). 
This gets Fuji Media out of a small asset and side business they don't need, and it clears out a small office-heavy diversified REIT which doesn't need to exist.
This is not a bad price. It is not necessarily over the top, but other larger REITs are cheaper. There is some weirdness in holder structure to watch out for.


[Japan M&A] Tosei & GIC Bid for Office-Heavy Sankei REIT (2972 JP) At 1.15x PNAV