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 Leaderboard ASX Dec 23: InvoCare, Origin Energy, New Crest, Allkem, and More

Quiddity Leaderboard T50/​​​100 Dec 23: U-Ming Potential TDIV Deletion Is the Main Talking Point

Quiddity Advisors

Event-Driven

<ul>
<li>Today, after the close, ASX-listed <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a> (formerly known as Orocobre, which merged with Galaxy Resources in 2021) announced it would merge with <a href="https://www.smartkarma.com/entities/livent-corp" target="_blank" data-smartkarma-citation="entities:27434:1" rel="noopener">Livent (LTHM US)</a>. </li>
<li>At US$10bn, this "merger-of-equals" NEWCO (pro-forma US$1.9bn revenue, US$1.2bn EBITDA), with NYSE primary listing and foreign entity listing on the ASX, would be a global lithium player. Deal closing end-2023.</li>
<li>The <a href="https://announcements.asx.com.au/asxpdf/20230510/pdf/05pl06drnwjlqq.pdf" target="_blank" rel="noopener">doc</a> (243 pages) and <a href="https://announcements.asx.com.au/asxpdf/20230510/pdf/05pl036rt4bhn9.pdf" target="_blank" rel="noopener">presentation</a> (42p) are worth reading. There are interesting index effects, and there may be "Lithium Risk" in this deal for arbs, but it looks good.</li>
</ul>


Today, after the close, ASX-listed Allkem Ltd (AKE AU) (formerly known as Orocobre, which merged with Galaxy Resources in 2021) announced it would merge with Livent (LTHM US). 
At US$10bn, this "merger-of-equals" NEWCO (pro-forma US$1.9bn revenue, US$1.2bn EBITDA), with NYSE primary listing and foreign entity listing on the ASX, would be a global lithium player. Deal closing end-2023.
The doc (243 pages) and presentation (42p) are worth reading. There are interesting index effects, and there may be "Lithium Risk" in this deal for arbs, but it looks good.


Allkem/Livent (AKE AU | LTHM US) Merger Of Lithium Equals Has Index Surprises