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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Quiddity Advisors

Event-Driven

On Friday after the close, the Yomiuri Shinbun (Yomiuri Newspaper) Group announced that it would buy out minorities in <a href="https://www.smartkarma.com/entities/yomiuri-land-co-ltd" target="_blank" data-smartkarma-citation="entities:12813:1" rel="noopener">Yomiuri Land (9671 JP)</a> in a Tender Offer at ¥6,050/share - a 26% premium to the close. Yomiuri Land runs the eponymous Yomiuri Land theme park, four golf clubs, a "public sports" (sports where the business is associated with betting and is quasi-government-run) facilities business including two horse-racing tracks and a tarmac track used for organized betting races for keirin and "auto-race" (very light motorcycles around a tight track), other leisure facilities and sports-related real estate leased to group companies (minor league baseball and practice facilities leased to the Yomiuri Giants, soccer practice facilities used by the Tokyo Verde (Yomiuri-affiliated soccer team) and NTV Beleza (the Nippon TV-affiliated soccer team (NTV is a Yomiuri affiliate as well as a Yomiuri Land shareholder))).This was not difficult to see. It is a well-known asset, reasonably closely-held (Yomiuri Group and subsidiaries own 34% and corporate and financial crossholders another 25+% of voting rights). It is illiquid-ish, and has properties which are suffering from covid-19 effects. It is difficult to see this not getting through. It should be easy.

On Friday after the close, the Yomiuri Shinbun (Yomiuri Newspaper) Group announced that it would buy out minorities in Yomiuri Land (9671 JP) in a Tender Offer at ¥6,050/share - a 26% premium to the close. Yomiuri Land runs the eponymous Yomiuri Land theme park, four golf clubs, a "public sports" (sports where the business is associated with betting and is quasi-government-run) facilities business including two horse-racing tracks and a tarmac track used for organized betting races for keirin and "auto-race" (very light motorcycles around a tight track), other leisure facilities and sports-related real estate leased to group companies (minor league baseball and practice facilities leased to the Yomiuri Giants, soccer practice facilities used by the Tokyo Verde (Yomiuri-affiliated soccer team) and NTV Beleza (the Nippon TV-affiliated soccer team (NTV is a Yomiuri affiliate as well as a Yomiuri Land shareholder))).This was not difficult to see. It is a well-known asset, reasonably closely-held (Yomiuri Group and subsidiaries own 34% and corporate and financial crossholders another 25+% of voting rights). It is illiquid-ish, and has properties which are suffering from covid-19 effects. It is difficult to see this not getting through. It should be easy. 

Yomiuri Land (9671) Takeover - Probably The Wrong Price But Whaddya Gonna Do?