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

Daiho Corp (1822) A GIANT Transaction Which Is Not What It Looks Like. Smells Bad.

Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky

Quiddity Advisors

Event-Driven

<ul>
<li>10 days ago, <a href="https://www.smartkarma.com/entities/daiho-corp" target="_blank" data-smartkarma-citation="entities:19647:1" rel="noopener">Daiho Corp (1822 JP)</a> announced an exit for Murakami-san who had gone from zero to 42% of voting rights buying 18% of volume over two years.</li>
<li>They found a kind of white knight to buy the shares Murakami-san wanted to sell. The structure <em>looks</em> "fair" but is not. Almost all investors are now buying through terms.</li>
<li>And the result looks expensive with a rather unfortunate forward flow profile. </li>
</ul>


10 days ago, Daiho Corp (1822 JP) announced an exit for Murakami-san who had gone from zero to 42% of voting rights buying 18% of volume over two years.
They found a kind of white knight to buy the shares Murakami-san wanted to sell. The structure looks "fair" but is not. Almost all investors are now buying through terms.
And the result looks expensive with a rather unfortunate forward flow profile. 


Daiho Post-Div STILL Trading Too Rich For the Event Trade