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

T&K TOKA (4636 JP): Expect ANOTHER Blandiloquent But Bletcherous Bump From Bain

T&K TOKA (4636 JP): Bletcherous Bain Bump Doesn't Even Reach Blandiloquent - Another Offensive Deal

Second Go-Round Tender for T&K TOKA (4636) As Bain Wants It All At ¥1,400/Share

T&K TOKA (4636) Gets More Interesting - A Bump Is Now A Distinct Possibility

Quiddity Advisors

Event-Driven

<ul>
<li>In August, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> announced a TOB by Bain with a clearance hurdle of selling a 3.51% stake in Hangzhou Toka Ink (SH:688571) before launch.</li>
<li>Friday, the company <a href="https://www.tk-toka.co.jp/ir/detail/files/2023112401.pdf" target="_blank" rel="noopener">announced</a> that they put up a 3.6% stake for auction, with the sale to be executed that day. That likely triggers an early launch of the TOB.</li>
<li>The TOB Price is offensively cheap at 0.63x "official" book, and 0.53x book adjusted for equity affiliate price. The shares have traded through terms since launch. This should get bumped.</li>
</ul>


In August, T&amp;K Toka Co Ltd (4636 JP) announced a TOB by Bain with a clearance hurdle of selling a 3.51% stake in Hangzhou Toka Ink (SH:688571) before launch.
Friday, the company announced that they put up a 3.6% stake for auction, with the sale to be executed that day. That likely triggers an early launch of the TOB.
The TOB Price is offensively cheap at 0.63x "official" book, and 0.53x book adjusted for equity affiliate price. The shares have traded through terms since launch. This should get bumped.


T&K TOKA (4636 JP): Imminent TOB Launch? Imminent Bump Needed?