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

Adani Enterprises FPO Update:  Hindenburg, Anchors, and Righteous Indignation

MSCI Wants a Consult on Adani Group - I'm Not Sure What They Can Do

Adani Ent FPO - Early Demand Muted, Adani & Hindenburg Trade Barbs Again, But Not a Good Look

Adani Enterprises - A Record Follow-On Public Offering May Be in the Works

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>After the postal ballot approved the offering in December 2022, <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> is on track to conduct a Rs 200bn or US$2.4bn+ Equity Offering.</li>
<li>One exchange <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/080ed615-f2a6-4f08-b287-8eb0b1622c75.pdf" target="_blank" rel="noopener">release</a> today gave the timing, and following  few articles in recent days suggesting it, another <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/372e7564-839a-47d2-8a86-834217b3a190.pdf" target="_blank" rel="noopener">release</a> said the offering would be partly paid shares.  </li>
<li>The structure of the Offer and risks are detailed below but investors should remember, it was illiquidity which got the price here. Liquidity is a Bug not a Feature.</li>
</ul>


After the postal ballot approved the offering in December 2022, Adani Enterprises (ADE IN) is on track to conduct a Rs 200bn or US$2.4bn+ Equity Offering.
One exchange release today gave the timing, and following  few articles in recent days suggesting it, another release said the offering would be partly paid shares.  
The structure of the Offer and risks are detailed below but investors should remember, it was illiquidity which got the price here. Liquidity is a Bug not a Feature.


Adani Enterprises Offering - A Discount and a Put Option But Liquidity Is a Bug Not A Feature