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

Seven & I Restructures but Discontent Rises Among Franchisees and Customers

Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

7&I (3382) - MBO Off, SC "Engaging Constructively with ACT", Skepticism Higher, Questions And More

7&I (3382 JP) - Share Price Dipping Deeper Means Dipping Toes Deeper

7&I (3382 JP) - Dippity Doo Dah - Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

7&I (3382) - In Limbo, Dipping, But Stories Coming Together

Quiddity Advisors

Event-Driven

<ul>
<li>Over the weekend, the Nikkei and Jiji reported the 7&amp;i Board met Saturday and decided Bain would have preferred negotiating rights to buy York Holdings. They bid "over ¥700bn."</li>
<li>That's a trifle lower than the ¥1.2trn Reuters reported (on Christmas Day) Bain bid but details aren't known. Proper structuring would get the vast majority to 7&amp;i in post-tax cash.</li>
<li>For 7&amp;i to decide by the AGM (which could be contentious), they need time to debate. Bids are likely needed in 3wks. In the meantime, "Trump Risk" lurks.</li>
</ul>


Over the weekend, the Nikkei and Jiji reported the 7&amp;i Board met Saturday and decided Bain would have preferred negotiating rights to buy York Holdings. They bid "over ¥700bn."
That's a trifle lower than the ¥1.2trn Reuters reported (on Christmas Day) Bain bid but details aren't known. Proper structuring would get the vast majority to 7&amp;i in post-tax cash.
For 7&amp;i to decide by the AGM (which could be contentious), they need time to debate. Bids are likely needed in 3wks. In the meantime, "Trump Risk" lurks.


7&I (3382) - Bain Gets York Holdings with a Surprising Price, And We Approach Deal Deadlines