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 Advisors

Event-Driven

<ul>
<li>Another Japanese smallcap takeover at a huge premium. Must be a day ending in "y." It is a thing recently. </li>
<li>Interestingly, this is NOT an MBO. It is an LBO. Carlyle is buying out <a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a> at ¥4,380/share which is 19x book and 89x EBIT. Nice price.</li>
<li>I expect this gets done easily because the co-CEO with 28.7% and Recruit with 20.6% are putting in. There's another easy 9.7%. One more holder and this is done.</li>
</ul>


Another Japanese smallcap takeover at a huge premium. Must be a day ending in "y." It is a thing recently. 
Interestingly, this is NOT an MBO. It is an LBO. Carlyle is buying out Kaonavi Inc (4435 JP) at ¥4,380/share which is 19x book and 89x EBIT. Nice price.
I expect this gets done easily because the co-CEO with 28.7% and Recruit with 20.6% are putting in. There's another easy 9.7%. One more holder and this is done.


Kaonavi (4435 JP) - Small HR Software Co Gets 121% Premium LBO from Carlyle