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

Vedanta (VEDL) Offer Coming To A Close: Watch For Antics

Vedanta Now Caught Up With Peers - A Different Skew Ahead

Vedanta To Eliminate Its ADRs - Creates VERY Interesting Possibilities

Vedanta Soars Beyond Indicative Open Offer Level. Not Expensive

Vedanta (VEDL IN) Promoter To Launch an Open Offer To Buy More

Vedanta (VEDL) Awaits Open Offer Revision. Now Less Event-y More Commodity-y

Quiddity Advisors

Event-Driven

Late last night India time and into this morning HKT, Vedanta Resources <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/4f8390e6-f5a9-4fe2-8827-9b2f68c7c667.pdf" target="_blank" rel="noopener">announced</a> an Announcement cum Corrigendum to Public Announcement, Detailed Public Statement and the Draft Letter of Offer which will be published today.On December 23, less than two weeks after the CEO said on public TV they had no plans to buy any more of <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a>, Vedanta Resources bought 4.98% of <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> in a block at Rs. 160/share. That capped what they could buy during the fiscal year under the creeper rule. On January 9, Vedanta Resources announced an Open Offer to buy 371,750,500 shares at Rs 160.00 apiece. Shares were already 10+% higher and commodity prices were soaring so it was likely they would need to pay up as discussed in several insights since. Just over two weeks ago, Vedanta Resources issued US$1.2bn of a bond designed where use of proceeds included paying for the Open Offer and other things. That US$1.2bn converted to rupees, if completely spent on VEDL shares would mean Rs 235.00.Last weekend I wrote that I didn't expect them to go that high, so upside from here was less event-y and more commodity-y.[Narrator:  They went that high]<h3>The NEW News</h3>Late last night, in its new announcement amending the Draft Letter of Offer, Vedanta Resources upped the size of its offer from 371.75mm shares (10.00%) to 651mm shares (17.51%) and raised the price from Rs 160/share to Rs 235/share which means a total payment of Rs 152.985 billion, which is US$2.11bn.It's on. The change in price is big. The change in size changes the risk parameters.Much more discussion below.

Late last night India time and into this morning HKT, Vedanta Resources announced an Announcement cum Corrigendum to Public Announcement, Detailed Public Statement and the Draft Letter of Offer which will be published today.On December 23, less than two weeks after the CEO said on public TV they had no plans to buy any more of Vedanta Ltd (VEDL IN), Vedanta Resources bought 4.98% of Vedanta Ltd (VEDL IN) in a block at Rs. 160/share. That capped what they could buy during the fiscal year under the creeper rule. On January 9, Vedanta Resources announced an Open Offer to buy 371,750,500 shares at Rs 160.00 apiece. Shares were already 10+% higher and commodity prices were soaring so it was likely they would need to pay up as discussed in several insights since. Just over two weeks ago, Vedanta Resources issued US$1.2bn of a bond designed where use of proceeds included paying for the Open Offer and other things. That US$1.2bn converted to rupees, if completely spent on VEDL shares would mean Rs 235.00.Last weekend I wrote that I didn't expect them to go that high, so upside from here was less event-y and more commodity-y.[Narrator:  They went that high]The NEW NewsLate last night, in its new announcement amending the Draft Letter of Offer, Vedanta Resources upped the size of its offer from 371.75mm shares (10.00%) to 651mm shares (17.51%) and raised the price from Rs 160/share to Rs 235/share which means a total payment of Rs 152.985 billion, which is US$2.11bn.It's on. The change in price is big. The change in size changes the risk parameters.Much more discussion below.

Vedanta (VEDL) Open Offer Raised in Price and Size!