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

Dai-Ichi Life for Benefit One (2412) - We Have a Deal! Bumped Small

Pasona (2168) - Less Wrong Than Before But How Wrong Still Depends on Nambu-San

New Benefit One Deal Recalculated, More Benefit for All, Less for One

Benefit One (2412): M3 Extends For a Full Month

Dai-Ichi Life (8750) Proposes a Full Takeover of Benefit One (2412), Overbidding M3

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> came out with a cover letter and an amended Announcement of Intention to Commence a Tender Offer on <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>. </li>
<li>The cover letter says they have obtained information from <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a> and Benefit One allowing them to calculate a Tender Offer of ¥2,123/share for minorities, and buyback at ¥1,491/share. </li>
<li>Now we wait. Again. Dai-Ichi Life "intends" to start a tender in mid-Jan 2024 (19 Jan likely earliest start possible) but it is not clear timing will come that early.</li>
</ul>


Today, Dai Ichi Life Insurance (8750 JP) came out with a cover letter and an amended Announcement of Intention to Commence a Tender Offer on Benefit One Inc (2412 JP). 
The cover letter says they have obtained information from Pasona Group (2168 JP) and Benefit One allowing them to calculate a Tender Offer of ¥2,123/share for minorities, and buyback at ¥1,491/share. 
Now we wait. Again. Dai-Ichi Life "intends" to start a tender in mid-Jan 2024 (19 Jan likely earliest start possible) but it is not clear timing will come that early.


Dai-Ichi Life "Decides" Tender Offer Price and Buyback Price at ¥2,123 and ¥1,491/Share