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

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

Sembcorp Marine Goes Ex-Rights - Strategy From Here

Sembcorp Marine Bites the Bullet - Big Rights Offering - And May Combine with Keppel O&M

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

Quiddity Advisors

Event-Driven

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 is complete, and <a href="https://links.sgx.com/FileOpen/Announcement%20on%20Results%20of%20Rights%20Issue.ashx?App=Announcement&amp;FileID=683891" target="_blank" rel="noopener">allocations are out</a> as of Friday night.  and it turns out, the MGO Option as discussed in <a href="https://www.smartkarma.com/insights/one-more-day-to-trade-sempcorp-marine-rights-harvest-the-spread-or-buy-the-mgo-option" target="_blank" data-smartkarma-citation="insights:57287" rel="noopener">One More Day To Trade Sembcorp Marine Rights, Harvest the Spread, or Buy The MGO Option</a>as rights trading was coming to a close, was the right way to think about it. Only 84.2% of the Offering was covered by shareholders exercising their rights. Temasek took 42.6%, which means that only 72% of the other shareholders took up their rights. That meant that based on the Offering Circular and the Temasek Undertakings therein, Temasek was going to end up increasing its stake by more than 1%, thereby triggering an MGO Option (it required 98.33% minority takeup to avoid going over the MGO trigger).As I described it, there was still potential risk of MGO non-completion, and the results of the Rights Issue seems to suggest there is still potential risk of MGO non-completion.More below the fold.

The Sembcorp Marine (SMM SP) Rights Offering is complete, and allocations are out as of Friday night.  and it turns out, the MGO Option as discussed in One More Day To Trade Sembcorp Marine Rights, Harvest the Spread, or Buy The MGO Optionas rights trading was coming to a close, was the right way to think about it. Only 84.2% of the Offering was covered by shareholders exercising their rights. Temasek took 42.6%, which means that only 72% of the other shareholders took up their rights. That meant that based on the Offering Circular and the Temasek Undertakings therein, Temasek was going to end up increasing its stake by more than 1%, thereby triggering an MGO Option (it required 98.33% minority takeup to avoid going over the MGO trigger).As I described it, there was still potential risk of MGO non-completion, and the results of the Rights Issue seems to suggest there is still potential risk of MGO non-completion.More below the fold.

Sembcorp Marine Rights Done - The MGO Option It Is

Seatrium

Sembcorp Marine Rights Done - The MGO Option It Is