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

<ul>
<li>On 28-Feb-25, the last day of their fiscal year, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> signed a deal to acquire Aeon Delight via Tender Offer and Aeon Mall via scrip exchange.</li>
<li>For Aeon Mall, that means negotiation on the share exchange ratio over the next 5-6 weeks. </li>
<li>While I have an opinion on the fair ratio (explained below), I find "Guess The Ratio" trades fraught with bad governance outcomes. The 3-month average is often used.</li>
</ul>


On 28-Feb-25, the last day of their fiscal year, Aeon Co Ltd (8267 JP) signed a deal to acquire Aeon Delight via Tender Offer and Aeon Mall via scrip exchange.
For Aeon Mall, that means negotiation on the share exchange ratio over the next 5-6 weeks. 
While I have an opinion on the fair ratio (explained below), I find "Guess The Ratio" trades fraught with bad governance outcomes. The 3-month average is often used.


Aeon (8267) And Aeon Mall (8905) To Be a Guess The Ratio Trade

AEON Mall

Aeon (8267) And Aeon Mall (8905) To Be a Guess The Ratio Trade