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 Partial Tender] BASE (4477 JP) - SBI Extends on Zero Minimum. Bumpity Bumpity Bumpity

[Japan Partial Tender] BASE (4477 JP) - We Needed Bumpity We Got Bumpitrage So What Now?

[Japan Partial Tender] BASE (4477 JP) - Maki-San Bought, Will Buy More - Prepare For Launch

[Japan Partial Tender] Update on SBI's Tender for BASE (4477 JP)

[Japan Partial Tender] SBI Launches Partial Offer for 20% of BASE (4477 JP) At ¥340 - Needs More

Quiddity Advisors

Event-Driven

<ul>
<li>When SBI launched its partial tender for 20% of <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> at the end of last month, they wanted to buy ~42.5% of the Max Real World Float.</li>
<li>That was at ¥340, a small premium to where the stock was trading, and a 17% discount to where another partial tender last year got only 7-8% of MRWF.</li>
<li>I think the dynamic here favours being long. Pro-ration expectations are misplaced I think.</li>
</ul>


When SBI launched its partial tender for 20% of BASE Inc (4477 JP) at the end of last month, they wanted to buy ~42.5% of the Max Real World Float.
That was at ¥340, a small premium to where the stock was trading, and a 17% discount to where another partial tender last year got only 7-8% of MRWF.
I think the dynamic here favours being long. Pro-ration expectations are misplaced I think.


[Japan Partial Tender] BASE (4477 JP) Deal Update - Trading VERY Cheap