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

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

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

Event-Driven

This morning Crescent and Cardno announced that Cardno's Board 'negotiated' a A$0.30 increase in Crescent's takeover offer, making the Offer Unconditional (Cardno agrees not to trigger a conditionality breach), announcing an extension until 2 November 2015 (a very short extension), and announcing that the Board would no longer object to the Offer. Crescent agrees to let the Strategic Review start (these things always see a mid-course change&nbsp;anyway so it would not be surprising if a really major shareholder had some future input). Management and Employees are now reassured (really?).Most interestingly, in the case that Crescent and its associates have voting power of 30% or more of Cardno shares, two&nbsp;current Cardno directors will resign, and 4 new directors will be added (3 from Cardno, and one new independent Director nominated by Crescent Directors). If Crescent wishes to change out the remaining three current independent directors, it can do so after three months - still with only 30% of the vote. Minority shareholders, including employee owners, should probably see this as somewhat disconcerting, but within a year they would likely have the ability to change the slate of directors anyway.Crescent will file a formal notice of the variation and the extension of the Offer as soon as possible, and issue a revised Bidder's Statement shortly.&nbsp;More below the fold.

This morning Crescent and Cardno announced that Cardno's Board 'negotiated' a A$0.30 increase in Crescent's takeover offer, making the Offer Unconditional (Cardno agrees not to trigger a conditionality breach), announcing an extension until 2 November 2015 (a very short extension), and announcing that the Board would no longer object to the Offer. Crescent agrees to let the Strategic Review start (these things always see a mid-course change&nbsp;anyway so it would not be surprising if a really major shareholder had some future input). Management and Employees are now reassured (really?).Most interestingly, in the case that Crescent and its associates have voting power of 30% or more of Cardno shares, two&nbsp;current Cardno directors will resign, and 4 new directors will be added (3 from Cardno, and one new independent Director nominated by Crescent Directors). If Crescent wishes to change out the remaining three current independent directors, it can do so after three months - still with only 30% of the vote. Minority shareholders, including employee owners, should probably see this as somewhat disconcerting, but within a year they would likely have the ability to change the slate of directors anyway.Crescent will file a formal notice of the variation and the extension of the Offer as soon as possible, and issue a revised Bidder's Statement shortly.&nbsp;More below the fold.

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

Cardno Ltd

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