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

Capitaland Mall and Commercial REIT Merger - It's BIG

Quiddity Advisors

Event-Driven

Capitaland Commercial Trust / Event-Driven

Things had been remarkably quiet in Capitaland REIT space for many months, but on Friday, <a href="https://www.smartkarma.com/entities/capitaland-commercial-trust" target="_blank" data-smartkarma-citation="entities:1077:1" rel="noopener">Capitaland Commercial Trust (CCT SP)</a> ("CCT") and <a href="https://www.smartkarma.com/entities/capitaland-mall-trust" target="_blank" data-smartkarma-citation="entities:105:1" rel="noopener">Capitaland Mall Trust (CT SP)</a> ("CMT") announced they had slightly improved terms for unitholders in order to sweeten the deal.
The merging parties had felt pressure, and since the onset of covid-19 effects affecting both offices and shopping properties in Singapore in Q2, there had been investor expectations, later reduced to hopes, that the gross exchange ratio of 0.72 units of CMT and S$0.259 cash per share of CCT would be improved to favor CCT shareholders who many had felt had been slightly short-changed originally, and with the developments in spring, had been sharply short-changed. 
Instead, what happened was that the manager of CMT agreed to waive their acquisition fee which leads to more accretion. 
The two also moved the long stop date from 30 Sep to 30 Nov. Both REITs will now hold their respective unitholder meetings on 29 September. Like other meetings, these will be over the web. 
The key attractions are basically that the combined REIT will be bigger, and that will enable it to be bigger, allowing it to be bigger, giving it the benefits of being bigger. There is some lip service paid to diversification, and cost optimisation.

Things had been remarkably quiet in Capitaland REIT space for many months, but on Friday, Capitaland Commercial Trust (CCT SP) ("CCT") and Capitaland Mall Trust (CT SP) ("CMT") announced they had slightly improved terms for unitholders in order to sweeten the deal.
The merging parties had felt pressure, and since the onset of covid-19 effects affecting both offices and shopping properties in Singapore in Q2, there had been investor expectations, later reduced to hopes, that the gross exchange ratio of 0.72 units of CMT and S$0.259 cash per share of CCT would be improved to favor CCT shareholders who many had felt had been slightly short-changed originally, and with the developments in spring, had been sharply short-changed. 
Instead, what happened was that the manager of CMT agreed to waive their acquisition fee which leads to more accretion. 
The two also moved the long stop date from 30 Sep to 30 Nov. Both REITs will now hold their respective unitholder meetings on 29 September. Like other meetings, these will be over the web. 
The key attractions are basically that the combined REIT will be bigger, and that will enable it to be bigger, allowing it to be bigger, giving it the benefits of being bigger. There is some lip service paid to diversification, and cost optimisation. 

Capitaland Integrated Commercial Trust (CICT SP)

Capitaland Mall and CCT Merger: Circular Finally Out. Looks Done.