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

Good Morning Japan |Dot Plot Says 5.1%; Tech Leads Gains; NUGGET: Japan's Hay Fever Hell-Few Winners

Toshiba – Thoughts On The Tender Opinion

Toshiba – 3D Stake Reduction Reduces and Increases Risk

Toshiba (6502) - Funding Possibly Re-Secured, Deal Possibly In Play,

Toshiba (6502) - Funding Unsecured!  (This Is Getting To Be a Habit)

A Bull Investment Case for TSMC (Summary Version)

Quiddity Advisors

Event-Driven

<ul>
<li>Just post-close, the Nikkei <a href="https://www.nikkei.com/article/DGXZQOUC016210R01C22A1000000/" target="_blank" rel="noopener">reported</a> Toshiba's Board had agreed a JIP deal at "around ¥2trln." Toshiba confirmed HOURS later indicating language was still being hashed out. And the dividend cancelled.</li>
<li>Toshiba "supports" the deal because it aligns a single shareholder with management goals. They cannot recommend to general shareholders because it is too low. But JIP was the only bidder. </li>
<li>It raises the question of whether activists will submit to "Toshiba Fatigue" at what the Board admits is too low a price, or whether there is still fight left.</li>
</ul>


Just post-close, the Nikkei reported Toshiba's Board had agreed a JIP deal at "around ¥2trln." Toshiba confirmed HOURS later indicating language was still being hashed out. And the dividend cancelled.
Toshiba "supports" the deal because it aligns a single shareholder with management goals. They cannot recommend to general shareholders because it is too low. But JIP was the only bidder. 
It raises the question of whether activists will submit to "Toshiba Fatigue" at what the Board admits is too low a price, or whether there is still fight left.


Toshiba Board to Shareholders:  "Yes, Meh But We Did Our Job, Now It's Up To You (We're Tired Too)"

Toshiba Corp

Toshiba Board to Shareholders: "Yes, Meh But We Did Our Job, Now It's Up To You (We're Tired Too)"