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

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

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

The Skew in the Tsuruha-Welcia-Aeon Combination

Tsuruha (3391) And Welcia (3141) To Move UP Merger to End-2025; Makes It TWO Trades in 18mos?

Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux]

Aeon (Maybe) Gets Tsuruha, Could Trigger Wave of Mergers in the Sector (And Beyond)

Quiddity Advisors

Event-Driven

<ul>
<li>In late December, a Jiji article said Tsuruha &amp; Welcia would look to integrate by end-2025, now that they no longer need SEC approval. Odd language, but we'll take it.</li>
<li>That means we look to what might happen between here and there. The companies will hire Legal and Financial Advisors, wait until both report FY, then start negotiating.</li>
<li>What has been the long-term trend and the trend of the last two years is different. It's worthwhile looking at valuations and expectations to decide how to trade. It's good.</li>
</ul>


In late December, a Jiji article said Tsuruha &amp; Welcia would look to integrate by end-2025, now that they no longer need SEC approval. Odd language, but we'll take it.
That means we look to what might happen between here and there. The companies will hire Legal and Financial Advisors, wait until both report FY, then start negotiating.
What has been the long-term trend and the trend of the last two years is different. It's worthwhile looking at valuations and expectations to decide how to trade. It's good.


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

Tsuruha Holdings

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