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

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daido-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:10140:1" rel="noopener">Daido Steel (5471 JP)</a> on 30 November announced a Tender Offer to buy shares in subsidiary <a href="https://www.smartkarma.com/entities/nippon-seisen-co-ltd" target="_blank" data-smartkarma-citation="entities:8034:1" rel="noopener">Nippon Seisen (5659 JP)</a> to take them to 50.1-51.0%. They have 43% now.</li>
<li>This is a small tender offer, but the subsidiary jumped through the corporate governance independent committee hoops and comes up "neutral" on a price well below mid-point DCF.</li>
<li>It's an interesting small-cap partial offer to start 2022. Will likely trade tight.</li>
</ul>



Daido Steel (5471 JP) on 30 November announced a Tender Offer to buy shares in subsidiary Nippon Seisen (5659 JP) to take them to 50.1-51.0%. They have 43% now.
This is a small tender offer, but the subsidiary jumped through the corporate governance independent committee hoops and comes up "neutral" on a price well below mid-point DCF.
It's an interesting small-cap partial offer to start 2022. Will likely trade tight.


Daido Steel Partial Tender Offer to Go to 50+% on Nippon Seisen (5659) Subsidiary