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

Another Too-Cheap MBO as Founder Takes Out EPS

The Amended FamilyMart Document Is A MUST READ For Investor-Stewards

Quiddity Advisors

Event-Driven

Last week, the founder and Chairman of <a href="https://www.smartkarma.com/entities/eps-holdings-inc" target="_blank" data-smartkarma-citation="entities:13246:1" rel="noopener">EPS Holdings (4282 JP)</a> announced an MBO to take the company private. In <a href="https://www.smartkarma.com/insights/another-too-cheap-mbo-as-founder-takes-out-eps" target="_blank" data-smartkarma-citation="insights:52208" rel="noopener">Another Too-Cheap MBO as Founder Takes Out EPS</a> I discussed the details of the MBO and Tender Offer and noted that it was "too cheap."The stock traded briefly through terms at the open of trading on Monday 31 May - the first day it could trade freely post-announcement. Today, it traded briefly through terms on a spike, settled back, and then rose into the close, as the two-day 5-minute chart below shows. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/210/483/original/Screenshot+2021-06-01+at+6.43.23+PM.png?1622544595" class="editor-image img-responsive" data-smartkarma-image-id="210483"></figure></section>Separately, I heard that there was some talk of "a higher price."I do not have the full story or the content but one has to be careful of the details.

Last week, the founder and Chairman of EPS Holdings (4282 JP) announced an MBO to take the company private. In Another Too-Cheap MBO as Founder Takes Out EPS I discussed the details of the MBO and Tender Offer and noted that it was "too cheap."The stock traded briefly through terms at the open of trading on Monday 31 May - the first day it could trade freely post-announcement. Today, it traded briefly through terms on a spike, settled back, and then rose into the close, as the two-day 5-minute chart below shows. Separately, I heard that there was some talk of "a higher price."I do not have the full story or the content but one has to be careful of the details.

EPS MBO Is Cheap. Too Cheap. But Be Careful Of Your Assumptions