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

Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO

Toyo Construction AGM : YFO Wins on Dramatic Foreign Shareholder Discontent

Toyo Construction (1890) Plans Governance Review, Promises Neutrality on a YFO TOB Proposal Decision

Toyo Construction (1890) Tries a Different Tactic - FEFTA!

Toyo Construction FY23 Profit Forecast - 105% Payout = 6.5%, Lots of Shares Changing Hands

YFO Goes Hard for Board Spill - Independents AND Executives

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> announced it was against YFO's AGM shareholder proposals. And that the Special Committee was unanimously against YFO's tender proposal.</li>
<li>The content is mixed. Some is probably correct (YFO hasn't done a great job it appears). Some is clearly taking management's statements at face value where it shouldn't.</li>
<li>And some is just the passage of time. Last year, ¥1,000 was "too high." This year it is "not enough." Now Toyo and YFO are stuck with each other.</li>
</ul>


Today, Toyo Construction (1890 JP) announced it was against YFO's AGM shareholder proposals. And that the Special Committee was unanimously against YFO's tender proposal.
The content is mixed. Some is probably correct (YFO hasn't done a great job it appears). Some is clearly taking management's statements at face value where it shouldn't.
And some is just the passage of time. Last year, ¥1,000 was "too high." This year it is "not enough." Now Toyo and YFO are stuck with each other.


Stuck With Each Other:  Toyo "Special Committee" Against Toyo Tender, Toyo Against YFO Proposals