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

Sanyo Special Steel - Still Mis-Underestimated, Still Special, But Now Different.

Sanyo Special Steel Special Deal with NSSMC - A Steal? Or Stolen?

Sanyo Special Steel - A MISUNDERESTIMATED Tender Opportunity

Japan's Corporate Governance Code Amendments - A Much Bigger Stick for Activists and Stewards

Quiddity Advisors

Event-Driven

<ul>
<li>6-7 years ago <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel (5481 JP)</a> bought out a large foreign specialty steel company, and funded it by getting Nippon Steel to inject capital at below book. </li>
<li>Now Nippon Steel is buying the rest of Sanyo Special Steel in a Tender Offer at 0.66x book, where most of book is Net Receivables, Inventory, WIP, and Materials.</li>
<li>This is the second time in a decade where the Board has decided to sell control of itself at far below book value. They should be ashamed of themselves.</li>
</ul>


6-7 years ago Sanyo Special Steel (5481 JP) bought out a large foreign specialty steel company, and funded it by getting Nippon Steel to inject capital at below book. 
Now Nippon Steel is buying the rest of Sanyo Special Steel in a Tender Offer at 0.66x book, where most of book is Net Receivables, Inventory, WIP, and Materials.
This is the second time in a decade where the Board has decided to sell control of itself at far below book value. They should be ashamed of themselves.


Nippon Steal! Again. Parent Takes Out Sanyo Special Steel (5481) At Well Below Book