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

ENEOS Launches Tatsuta Elec (5809) "Minority" Takeout at Same Price as 18mos Ago

ENEOS Extends Tatsuta Electric (5809) Tender Offer Means They Don't Have The Shares

Tatsuta Electric (5809 JP) Crunch Time = Bump Time?

Quiddity Advisors

Event-Driven

Tatsuta Electric Wire & Cable / Event-Driven

<ul>
<li>Several weeks ago, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a> launched its long-delayed Tender Offer for <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a> with no bump despite the time value of money. </li>
<li>It said the price reflected Tatsuta's value sufficiently. A week ago on the 19th, ENEOS extended the Tender Offer, likely because they didn't have the shares. Price was still "sufficient."</li>
<li>I suggested it might not be; I didn't expect a big bump, but caveated earnings. Friday produced great Q1 earnings, and a bump from ¥720/share to ¥780/share. </li>
</ul>


Several weeks ago, ENEOS Holdings (5020 JP) launched its long-delayed Tender Offer for Tatsuta Electric Wire &amp; Cable (5809 JP) with no bump despite the time value of money. 
It said the price reflected Tatsuta's value sufficiently. A week ago on the 19th, ENEOS extended the Tender Offer, likely because they didn't have the shares. Price was still "sufficient."
I suggested it might not be; I didn't expect a big bump, but caveated earnings. Friday produced great Q1 earnings, and a bump from ¥720/share to ¥780/share. 


ENEOS Bumps Tatsuta Elec (5809) Bid - 8.3% Bump Matches 8.7% Rise in BVPS Since Announcement