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

Quiddity Advisors

Event-Driven

Adani Ports & Special Economic Zone / Event-Driven

Adani Ports & Special Economic Zone (ADSEZ IN)

<a href="https://www.smartkarma.com/entities/adani-ports-special-economic-zone-ltd" target="_blank" data-smartkarma-citation="entities:246:1" rel="noopener">Adani Ports &amp; Special Economic Zone (ADSEZ IN)</a> announced in June, shortly after earnings, that it would buy back up to 39.2mm shares at a price of up to Rs 500 each. That was when the shares were trading at INR 425 each. That was at a premium of 17.6%. Since then, the shares have fallen. 
On Friday the company <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/4e982e89-2b0b-4aff-a8e8-0315c4979097.pdf" target="_blank" rel="noopener">confirmed</a> that it would buy shares back in a Tender Offer between 6 September and 20 September 2019 at a price of INR 500/share. 
That is now a premium of 43.1%. 
39.2mm shares is only 1.893% of shares outstanding, but it is still something. And it is the largest buyback the company
If you owned it in mid-June, the situation is definitely worth a look. 
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/096/946/original/Screenshot%202019-08-26%20at%202.38.49%20PM.png?1566801556" class="editor-image img-responsive" data-smartkarma-image-id="96946"></figure>
<div class="content-caption">source: capitalIQ, Quiddity</div>
More below the fold...

Adani Ports &amp; Special Economic Zone (ADSEZ IN) announced in June, shortly after earnings, that it would buy back up to 39.2mm shares at a price of up to Rs 500 each. That was when the shares were trading at INR 425 each. That was at a premium of 17.6%. Since then, the shares have fallen. 
On Friday the company confirmed that it would buy shares back in a Tender Offer between 6 September and 20 September 2019 at a price of INR 500/share. 
That is now a premium of 43.1%. 
39.2mm shares is only 1.893% of shares outstanding, but it is still something. And it is the largest buyback the company
If you owned it in mid-June, the situation is definitely worth a look. 

source: capitalIQ, Quiddity
More below the fold...

Adani Ports & Special Economic Zone

Adani Ports (ADSEZ) Tender Offer Buyback