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

BTS Group Warrants - The Less the Merrier

Quiddity Advisors

Event-Driven

In November of 2018, Thai conglomerate <a href="https://www.smartkarma.com/entities/bts-group-holdings-pcl" target="_blank" data-smartkarma-citation="entities:15943:1" rel="noopener">BTS Group Holdings (BTS TB)</a> issued 1 warrant for every nine shares held, for a total of 1,315,710,907 warrants outstanding in the BTS-W4 warrant issue. After ~48.7mm warrants were <a href="http://bts.listedcompany.com/newsroom/020420191319060702E.pdf" target="_blank" rel="noopener">exercised</a> in the quarter ending in March, the balance of the unexercised Warrants is 1,266,909,369 units. The terms in the original info sheet noted the first exercise was the last business day of the quarter ending 28 December 2018, and subsequent quarter-ends after that, with the last Exercise Date being 29 November 2019. That means there is about 5.5 months left. The exercise price is currently THB 10.5/share. The <a href="http://bts.listedcompany.com/newsroom/120620191238450547E.pdf" target="_blank" rel="noopener">next exercise date</a> is 28 June with the notification period being 21, 24-27 June 2019. There will be a dividend paid at the end of July. The warrants will see their strike price adjusted to take that into account. There will be no loss in value.For fundamental long-only owners of BTS, it's worth a look. For arbitrageurs, it's worth a look.

In November of 2018, Thai conglomerate BTS Group Holdings (BTS TB) issued 1 warrant for every nine shares held, for a total of 1,315,710,907 warrants outstanding in the BTS-W4 warrant issue. After ~48.7mm warrants were exercised in the quarter ending in March, the balance of the unexercised Warrants is 1,266,909,369 units. The terms in the original info sheet noted the first exercise was the last business day of the quarter ending 28 December 2018, and subsequent quarter-ends after that, with the last Exercise Date being 29 November 2019. That means there is about 5.5 months left. The exercise price is currently THB 10.5/share. The next exercise date is 28 June with the notification period being 21, 24-27 June 2019. There will be a dividend paid at the end of July. The warrants will see their strike price adjusted to take that into account. There will be no loss in value.For fundamental long-only owners of BTS, it's worth a look. For arbitrageurs, it's worth a look. 

BTS Group Holdings

BTS Group Warrants: Still A Pleasant Arb