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

Equity Capital Markets

<ul>
<li>On Monday, 30 September, shareholders of US$1.4bn market cap chemicals and housing materials supplier <a href="https://www.smartkarma.com/entities/aica-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:9671:1" rel="noopener">Aica Kogyo (4206 JP)</a> announced a Secondary Share Sale. It's small at 2% of market cap.</li>
<li>The Offering is 2.1mm shares including greenshoe. The company also raised its H1 dividend guidance slightly (¥53/share to ¥56/share) and announced a buyback which should cover 57% of the offering.</li>
<li>It's a small deal. There are a lot more cross-holdings behind that but the company is cash-rich and the company is very cheap/underlevered on an LBO basis.</li>
</ul>


On Monday, 30 September, shareholders of US$1.4bn market cap chemicals and housing materials supplier Aica Kogyo (4206 JP) announced a Secondary Share Sale. It's small at 2% of market cap.
The Offering is 2.1mm shares including greenshoe. The company also raised its H1 dividend guidance slightly (¥53/share to ¥56/share) and announced a buyback which should cover 57% of the offering.
It's a small deal. There are a lot more cross-holdings behind that but the company is cash-rich and the company is very cheap/underlevered on an LBO basis.


Mitsubishi UFJ Financial (MUFG) (8306 JP)

Aica Kogyo (4206) - Small Offering Chips Away At Cross-Holdings