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

[Japan Activism] ISS Comes Out Supporting Orbis Against Tsuruha/Welcia Merger Ratio

[Japan Activism/M&A] - Thinking About Positioning Around the Tsuruha/Welcia Vote

[Japan Activism/M&A] - Shareholders Approve Tsuruha/Welcia Merger - Now It's Partial Offer+Synergies

Tsuruha (3391), Welcia (3141), and Aeon (8267) Do a Deal, Short-Changing Tsuruha Minorities

Tsuruha (3391) - Welcia (3141) - Tsuruha Earnings In a Week - Still Good To Be Long The Ratio

Tsuruha (3391) - Welcia (3141) Future Merger Ratio - Pounding the Table

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>, <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> announced their deal whereby Tsuruha merges with Welcia in December, and Aeon gains control of MERGECO.</li>
<li>Orbis Investments - owner of 9.7% of shares out - complained. I think with good reason. Tsuruha is trading a little expensive to the ratio, but there's 7.5mos to go. </li>
<li>Interestingly, there's real skew on this trade. It's not overly complicated, and it is worthwhile thinking about it.</li>
</ul>



Tsuruha Holdings (3391 JP), Welcia Holdings (3141 JP), and Aeon Co Ltd (8267 JP) announced their deal whereby Tsuruha merges with Welcia in December, and Aeon gains control of MERGECO.
Orbis Investments - owner of 9.7% of shares out - complained. I think with good reason. Tsuruha is trading a little expensive to the ratio, but there's 7.5mos to go. 
Interestingly, there's real skew on this trade. It's not overly complicated, and it is worthwhile thinking about it.


The Skew in the Tsuruha-Welcia-Aeon Combination