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

Crescent Lifts Proportion Offer Price, Cardno Board Gives Up (Badly)

QUICKNOTE:  Crescent bids for s-o-m-e of Cardno - This Looks Like a Buy Situation

Event-Driven

On September 14th, Crescent Capital announced it intended to bid for half the shares in Cardno (CDD AU) that it did not own after buying 19.6% of the voting rights earlier this year. Three days later Cardno Directors stated they intended to reject the Offer. Two weeks later saw Crescent's Bidders Statement.Yesterday saw Cardno's new CEO Dick Wankmuller present his <a href="http://www.cardno.com/en-au/MediaCentre/Pages/Cardno-Strategic-Review.aspx" target="_blank">Strategic Review</a>&nbsp;to the public and the Board <a href="http://www.cardno.com/Style%20Library/MediaCentre/ASX%20Announcements%202015/Strategic%20Review%20Positions%20Cardno%20for%20Profitable%20Growth.pdf" target="_blank">approved</a>&nbsp;its implementation.&nbsp;It was&nbsp;decidedly&nbsp;lackluster.&nbsp;The Strategic Review was decidedly lackluster - long on platitudes and generalities and consultant speak, with the most detailed portion being the one with the smallest financial impact and potentially the most public sector pushback (back office 'rightsizing' and offshoring). Growth numbers were offered&nbsp;without reference and absolute numbers or targets were few and far between. But now we have 10/10/10.&nbsp;Shareholders decided&nbsp;it didn't&nbsp;go to eleven&nbsp;and shares traded down.This morning Cardno Directors issued their Target Statement. The Target Statement offers eight&nbsp;reasons why investors&nbsp;should reject the Offer.More discussion of the Strategic Review, the Target Statement, and investors' decision below the fold...

On September 14th, Crescent Capital announced it intended to bid for half the shares in Cardno (CDD AU) that it did not own after buying 19.6% of the voting rights earlier this year. Three days later Cardno Directors stated they intended to reject the Offer. Two weeks later saw Crescent's Bidders Statement.Yesterday saw Cardno's new CEO Dick Wankmuller present his Strategic Review&nbsp;to the public and the Board approved&nbsp;its implementation.&nbsp;It was&nbsp;decidedly&nbsp;lackluster.&nbsp;The Strategic Review was decidedly lackluster - long on platitudes and generalities and consultant speak, with the most detailed portion being the one with the smallest financial impact and potentially the most public sector pushback (back office 'rightsizing' and offshoring). Growth numbers were offered&nbsp;without reference and absolute numbers or targets were few and far between. But now we have 10/10/10.&nbsp;Shareholders decided&nbsp;it didn't&nbsp;go to eleven&nbsp;and shares traded down.This morning Cardno Directors issued their Target Statement. The Target Statement offers eight&nbsp;reasons why investors&nbsp;should reject the Offer.More discussion of the Strategic Review, the Target Statement, and investors' decision below the fold...

Cardno Strategic Review And Target Statement - They Don't Go to Eleven

Cardno Ltd

Cardno Strategic Review And Target Statement - They Don't Go to Eleven