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

Saudi Arabian banks <a href="https://www.smartkarma.com/entities/national-commercial-bank" target="_blank" data-smartkarma-citation="entities:24696:1" rel="noopener">National Commercial Bank (NCB AB)</a> and <a href="https://www.smartkarma.com/entities/samba-financial-group" target="_blank" data-smartkarma-citation="entities:27892:1" rel="noopener">Samba Financial Group (SAMBA AB)</a><a href="https://www.tadawul.com.sa/Resources/fsPdf/7588_345_2020-06-25_16-05-12_en.pdf" target="_blank" rel="noopener">announced</a> they had entered into a "Framework Agreement" on 25th June 2020 in order to begin "a reciprocal due diligence process and to negotiate definitive and binding terms of a potential merger" between the two entities.The two parties have also agreed on an Exchange Ratio Range on a non-binding basis. Based on the outcome of the due diligence process, the shareholders of Samba will receive between 0.736 and 0.787 newly issued share of National Commercial Bank in exchange for every share they hold in Samba. Right now, given the dividend differential, this is trading roughly at the lower end of terms.This is an exploratory insight. It is a big deal, and may be politically important in terms of the Vision 2030 plan. It looks like Samba might be getting the short end of the stick, but better bank analysts than I should probably take a look. That does not mean there aren't interesting things to look at here.

Saudi Arabian banks National Commercial Bank (NCB AB) and Samba Financial Group (SAMBA AB)announced they had entered into a "Framework Agreement" on 25th June 2020 in order to begin "a reciprocal due diligence process and to negotiate definitive and binding terms of a potential merger" between the two entities.The two parties have also agreed on an Exchange Ratio Range on a non-binding basis. Based on the outcome of the due diligence process, the shareholders of Samba will receive between 0.736 and 0.787 newly issued share of National Commercial Bank in exchange for every share they hold in Samba. Right now, given the dividend differential, this is trading roughly at the lower end of terms.This is an exploratory insight. It is a big deal, and may be politically important in terms of the Vision 2030 plan. It looks like Samba might be getting the short end of the stick, but better bank analysts than I should probably take a look. That does not mean there aren't interesting things to look at here. 

Samba Financial Group

Doing the Big Bank Samba in KSA