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

NTT's Partial Offer for Intage (4326) Part Deux - Refining Pro-Ration Expectations

KDDI (9433) - Own Share Tender Offer, Toyota To Sell (Gasp!)

NTT (9432) - LDP Consideration of Full Sale Is Not Necessarily Overhang

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> announced a partial offer to buy a minimum of 40.0% and a maximum of 51.0% of <a href="https://www.smartkarma.com/entities/intage-holdings-inc" target="_blank" data-smartkarma-citation="entities:3151:1" rel="noopener">Intage Holdings (4326 JP)</a>. </li>
<li>Six crossholders holding 20.98% between them have separately agreed to tender a total of 19.9%. That means a minimum 25.4% minority participation. With success, minimum pro-ration is 51.5%. </li>
<li>The dynamics of this deal and where synergies lie suggests people need to think really hard about where they underwrite future illiquid ownership. </li>
</ul>


Today, NTT (Nippon Telegraph &amp; Telephone) (9432 JP) announced a partial offer to buy a minimum of 40.0% and a maximum of 51.0% of Intage Holdings (4326 JP). 
Six crossholders holding 20.98% between them have separately agreed to tender a total of 19.9%. That means a minimum 25.4% minority participation. With success, minimum pro-ration is 51.5%. 
The dynamics of this deal and where synergies lie suggests people need to think really hard about where they underwrite future illiquid ownership. 


NTT (Nippon Telegraph & Telephone) (9432 JP)

NTT's Partial Offer for Marketing Consultant Intage (4326) -