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

Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism

Quiddity Advisors

Event-Driven

<ul>
<li>4+ years ago Aso Corp launched a Tender Offer to buy 33.4% or up to 100% of marine products wholesaler <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>. They got just over a third. </li>
<li>Then it became a zombie as I warned <a href="https://www.smartkarma.com/insights/tohto-suisan-partial-tender-offer-a-weird-tender-which-leads-to-listed-zombie-ism" target="_blank" data-smartkarma-citation="insights:45116" rel="noopener">Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism</a>. But it moved around. </li>
<li>Today, Aso announces a tender to take out minorities, almost all of whom are other corporate holders. It's at a 39% premium and 1.2x book. It should get done.</li>
</ul>


4+ years ago Aso Corp launched a Tender Offer to buy 33.4% or up to 100% of marine products wholesaler Tohto Suisan (8038 JP). They got just over a third. 
Then it became a zombie as I warned Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism. But it moved around. 
Today, Aso announces a tender to take out minorities, almost all of whom are other corporate holders. It's at a 39% premium and 1.2x book. It should get done.


Tohto Suisan (8038 JP) - Aso Corp To Launch Tender Offer at ¥7,500/Share