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

[Japan Event/M&A] Nippon Sheet Glass Deal Announced - Fast Schedule, Instant Pref Conversion

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, the Nikkei <a href="https://asia.nikkei.com/business/business-deals/us-fund-apollo-aims-to-acquire-japan-glassmaker-to-save-it-from-old-m-a-loan" target="_blank" rel="noopener">carried an article</a> saying that now small-cap <a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a> would get its debt bailed out into equity.</li>
<li>Market cap is ¥42bn. Net debt is ¥520bn. ¥177bn of debt is due end-March 2026. Another ¥161bn is due March 2027. Apollo buys new shares at ¥450 (vs ¥405 close). </li>
<li>Banks would exchange debt for pref equity. Presumably banks would lend to NEWCO. The proposal involves no TOB. Just a squeeze-out. It's weird. Small-cap. Untested construct. And maybe dead without.</li>
</ul>


Yesterday, the Nikkei carried an article saying that now small-cap Nippon Sheet Glass (5202 JP) would get its debt bailed out into equity.
Market cap is ¥42bn. Net debt is ¥520bn. ¥177bn of debt is due end-March 2026. Another ¥161bn is due March 2027. Apollo buys new shares at ¥450 (vs ¥405 close). 
Banks would exchange debt for pref equity. Presumably banks would lend to NEWCO. The proposal involves no TOB. Just a squeeze-out. It's weird. Small-cap. Untested construct. And maybe dead without.


[일본 인수합병/M&amp;A] 일본 판유리 사출 성형업체, 부채-자본 전환 인수

Nippon Sheet Glass

[일본 인수합병/M&amp;A] 일본 판유리 사출 성형업체, 부채-자본 전환 인수

[일본 인수합병/M&A] 일본 판유리 사출 성형업체, 부채-자본 전환 인수