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

FIRST REIT Rights Set FIRST REIT Right. Right On.

Lippo Karawaci (LPKR IJ) - An Audience with the Future

Lippo Karawaci (LPKR IJ) - Reasons to Be Cheerful

Quiddity Advisors

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848:1" rel="noopener">First REIT (FIRT SP)</a> is bouncing today (+9.8%) in its first day of trading after the close of the Rights Period on the 16th. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/241/original/Screenshot+2021-02-17+at+2.35.23+PM.png?1613543735" class="editor-image img-responsive" data-smartkarma-image-id="189241"></figure></section>Interestingly, the shares stayed lower for longer than I had expected.<a href="https://www.smartkarma.com/entities/oue-ltd" target="_blank" data-smartkarma-citation="entities:9984:1" rel="noopener">OUE Ltd (OUE SP)</a> provided an irrevocable undertaking to backstop the entire Proposed Rights Issue. This meant, in effect, that OUE, which already owned 19.72% (through First REIT Management Limited (FRML) and <a href="https://www.smartkarma.com/entities/oue-lippo-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:562:1" rel="noopener">OUE Lippo Healthcare (IHC SP)</a>) was saying "we will take absolute management AND majority economic control of the REIT at S$0.20 if nobody else wants it." It was akin to a Voluntary General Offer with no minimum threshold at S$0.20. Investors should remember that shares like to trade down to Rights Share strike prices. More below the fold.

First REIT (FIRT SP) is bouncing today (+9.8%) in its first day of trading after the close of the Rights Period on the 16th. Interestingly, the shares stayed lower for longer than I had expected.OUE Ltd (OUE SP) provided an irrevocable undertaking to backstop the entire Proposed Rights Issue. This meant, in effect, that OUE, which already owned 19.72% (through First REIT Management Limited (FRML) and OUE Lippo Healthcare (IHC SP)) was saying "we will take absolute management AND majority economic control of the REIT at S$0.20 if nobody else wants it." It was akin to a Voluntary General Offer with no minimum threshold at S$0.20. Investors should remember that shares like to trade down to Rights Share strike prices. More below the fold. 

Lippo Malls Indonesia Retail Trust (LMRT SP)

FIRST REIT Rights Right FIRST REIT. Right On.