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

Hitachi Metals - Nice Rebound Reduces Forward Reward/Risk Ratio

Hitachi Metals (5486) Gets SAMR Clearance, Finally. So Now We Can Sell.

Hitachi Metals – Steel Price Recovery Probably Limits Downside Even in the Event of a Break

Quiddity Advisors

Event-Driven

<ul>
<li>We had the heads up days (or a week plus) ago, and now it is official. Bain <a href="https://www.hitachi-metals.co.jp/e/ir/ir-news/20220926en.pdf" target="_blank" rel="noopener">launches</a> its Tender Offer for <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a> tomorrow at ¥2,181/share.</li>
<li>The company's trade name will be changed to PROTERIALS (i.e. losing "Hitachi") which should be fine. It was non-core anyway. </li>
<li>This is still a large-ish deal - up to ¥434bn. MktCap is ¥930bn. But minimum is only 56.8mm shares because they get the parent vote anyway. Done deal. </li>
</ul>


We had the heads up days (or a week plus) ago, and now it is official. Bain launches its Tender Offer for Hitachi Metals (5486 JP) tomorrow at ¥2,181/share.
The company's trade name will be changed to PROTERIALS (i.e. losing "Hitachi") which should be fine. It was non-core anyway. 
This is still a large-ish deal - up to ¥434bn. MktCap is ¥930bn. But minimum is only 56.8mm shares because they get the parent vote anyway. Done deal. 


Bain Launches Hitachi Metals (5486) Tender Offer