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

Sembcorp Marine and the Keppel O&M Business Combination - Brighter Light at the End of the Tunnel

The Keppel Restructuring - Forward Sum Of The Parts Makes KEP Look Cheap. And It Is... But...

The Week That Was in ASEAN@Smartkarma - Astra International, Bluebird Taxi, and Keppel Restructuring

Sembcorp Marine Rights Done - The MGO Option It Is

Sembcorp Marine MGO - The Implied Option Tells You About the Market, And It's The Wrong Price.

One More Day To Trade Sembcorp Marine Rights, Harvest the Spread, or Buy The MGO Option

Quiddity Advisors

Event-Driven

When the <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> Rights Offering which was backstopped by Temasek, traded near to terms, it became quasi-certain that Temasek would have to do an MGO on the back end - the so-called "Compliance Offer."There were advantages to sitting on the bid at S$0.08 and S$0.079, and perhaps even S$0.81/share, to take advantage of that because the skew of possibilities was heavily favored to the upside. Unfortunately, that upside has not materialised, despite stronger oil prices making offshore rigs more attractive and the possibly bad assets less bad. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/239/174/original/Screenshot+2021-11-02+at+1.24.35+PM.png?1635830735" class="editor-image img-responsive" data-smartkarma-image-id="239174"></figure></section>In the past four weeks, Sembcorp Marine shares have settled down at S$0.08/share or lower most of the time except for a brief excursion above the line. Last night, just before midnight, Temasek and investment unit Startree Investments Pte. <a href="https://links.sgx.com/FileOpen/MGO%20Unconditional%20Announcement.ashx?App=Announcement&amp;FileID=689132" target="_blank" rel="noopener">announced</a> that as of 6pm yesterday 1.249bn shares had been tendered. That gets Temasek over 50%.Normally, that would mean extension of the Mandatory Offer under Rule 22.6 of the Singapore Takeovers Code. This time, it does not, because of Rule 22.6 of the Singapore Takeovers Code. Yup. You read that right. The offer closes at 5:30pm 3 November 2021. That's tomorrow.

When the Sembcorp Marine (SMM SP) Rights Offering which was backstopped by Temasek, traded near to terms, it became quasi-certain that Temasek would have to do an MGO on the back end - the so-called "Compliance Offer."There were advantages to sitting on the bid at S$0.08 and S$0.079, and perhaps even S$0.81/share, to take advantage of that because the skew of possibilities was heavily favored to the upside. Unfortunately, that upside has not materialised, despite stronger oil prices making offshore rigs more attractive and the possibly bad assets less bad. In the past four weeks, Sembcorp Marine shares have settled down at S$0.08/share or lower most of the time except for a brief excursion above the line. Last night, just before midnight, Temasek and investment unit Startree Investments Pte. announced that as of 6pm yesterday 1.249bn shares had been tendered. That gets Temasek over 50%.Normally, that would mean extension of the Mandatory Offer under Rule 22.6 of the Singapore Takeovers Code. This time, it does not, because of Rule 22.6 of the Singapore Takeovers Code. Yup. You read that right. The offer closes at 5:30pm 3 November 2021. That's tomorrow. 

Sembcorp Marine MGO Goes Unconditional But No Extension. Deadline Is 3 Nov.

Seatrium

Sembcorp Marine MGO Goes Unconditional But No Extension. Deadline Is 3 Nov.