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>The controlling family of <a href="https://www.smartkarma.com/entities/nishimoto-co-ltd" target="_blank" data-smartkarma-citation="entities:44086:1" rel="noopener">Nishimoto (9260 JP)</a> owns 72.05% of the shares out. That means he can launch an MBO and even if nobody else tenders, it will be successful. </li>
<li>That's kind of offensive. It's growing well, has strong cashflow ex-growth (but is spending cash to grow) and ex-receivables and inventory, the Tender Offer is at &lt;1x EBITDA.</li>
<li>That makes a deal like this eminently fund-able at zero. It's offensive. And minorities have no way to object except in court, and fairness there is questionable.</li>
</ul>


The controlling family of Nishimoto (9260 JP) owns 72.05% of the shares out. That means he can launch an MBO and even if nobody else tenders, it will be successful. 
That's kind of offensive. It's growing well, has strong cashflow ex-growth (but is spending cash to grow) and ex-receivables and inventory, the Tender Offer is at &lt;1x EBITDA.
That makes a deal like this eminently fund-able at zero. It's offensive. And minorities have no way to object except in court, and fairness there is questionable.


Asian Foods Distributor Nishimoto Wismettac (9260 JP) Sees Owner Do a TOO-CHEAP MBO