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

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

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>As promised, as part of the <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> takeover, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> was going to launch a Tender Offer Buyback for TICO's stake. Today, it was announced. </li>
<li>This buyback in the form of a tender offer at ¥3,067/share is for a maximum of 1,192,331,020 shares, for ¥3.657trln. That's US$22.8bn. It's a big buyback. A lot of accretion. </li>
<li>Everyone can participate, though tendered shares are subject to a Deemed Dividend Withholding Tax. Some investors have found a way to deal with that. It's worth figuring it out.</li>
</ul>


As promised, as part of the Toyota Industries (6201 JP) takeover, Toyota Motor (7203 JP) was going to launch a Tender Offer Buyback for TICO's stake. Today, it was announced. 
This buyback in the form of a tender offer at ¥3,067/share is for a maximum of 1,192,331,020 shares, for ¥3.657trln. That's US$22.8bn. It's a big buyback. A lot of accretion. 
Everyone can participate, though tendered shares are subject to a Deemed Dividend Withholding Tax. Some investors have found a way to deal with that. It's worth figuring it out.


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