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

Event-Driven

On  26 October, Biosensors International Group ("BIG") requested for a trading halt on its SGX-listed shares. In the early hours of 4 Nov 2015, BIG announced that it had received a cash offer of SGD 0.84 per share from CITIC PE.The Smartkarma community has seen not <a href="http://www.smartkarma.com/insights/waiting-for-godot-citic" target="_blank">one</a> but <a href="http://www.smartkarma.com/insights/was-the-wait-worth-it" target="_blank">two</a> discussions of the deal, then about its <a href="http://www.smartkarma.com/insights/focus-on-the-fine-print" target="_blank">finer points</a>, and then about the <a href="http://www.smartkarma.com/insights/big-s-bermuda-triangle" target="_blank">finer points of the finer points</a>. Now we have a question. Or three. And we consider the ramifications of the most recent tidbits off the exchange filings.Arzish in his piece showed us the math that to be absolutely certain one could block the deal, one would need 334,061,741 shares out of the 1,336,246,965 minority shares eligible to vote. <a href="http://infopub.sgx.com/FileOpen/_FORM3_SNOWLAKECAP_17Nov2015.ashx?App=Announcement&amp;FileID=378790" target="_blank">Someone just showed up</a> on the register with 203,755,000 shares. That is 60.9% of an absolutely blocking stake. It is more if you assume not everyone will vote.I make no claims to understanding this newly-appeared holder's intentions but... we talked to the bankers, we look at the numbers and the possibilities, and the economics around those possibilities, and discuss. More below the fold.

On  26 October, Biosensors International Group ("BIG") requested for a trading halt on its SGX-listed shares. In the early hours of 4 Nov 2015, BIG announced that it had received a cash offer of SGD 0.84 per share from CITIC PE.The Smartkarma community has seen not one but two discussions of the deal, then about its finer points, and then about the finer points of the finer points. Now we have a question. Or three. And we consider the ramifications of the most recent tidbits off the exchange filings.Arzish in his piece showed us the math that to be absolutely certain one could block the deal, one would need 334,061,741 shares out of the 1,336,246,965 minority shares eligible to vote. Someone just showed up on the register with 203,755,000 shares. That is 60.9% of an absolutely blocking stake. It is more if you assume not everyone will vote.I make no claims to understanding this newly-appeared holder's intentions but... we talked to the bankers, we look at the numbers and the possibilities, and the economics around those possibilities, and discuss. More below the fold. 

Biosensors International

BIG Questions