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

Frasers Hospitality Trust - Scheme Doc Out

Frasers Hospitality Trust Scheme Vote Fail - Minority Apathy Meets Vocal Minority. Units Drop Hard.

Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Fraser Hospitality Trust Halted - Privatisation Likely. Far East The Better Trade Here.

Quiddity Advisors

Event-Driven

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> announced a Scheme Implementation Deed was signed for the S-REIT's privatisation by its current sponsors TCC Group Investments Limited and Frasers Property Limited.</li>
<li>The S$500mm borrowing mooted suggested S$0.69/unit; Scheme Consideration is S$0.70/unit in cash against the latest commissioned Adjusted NAV estimate of S$0.6519 (vs last NAV of S$0.6534/unit).</li>
<li>The deal comes at an all-time high price, slightly exceeding the end-2019 price on a dividend-adjusted basis.  This should be done, but it is worth thinking about how.</li>
</ul>


This morning, Frasers Hospitality Trust (FHT SP) announced a Scheme Implementation Deed was signed for the S-REIT's privatisation by its current sponsors TCC Group Investments Limited and Frasers Property Limited.
The S$500mm borrowing mooted suggested S$0.69/unit; Scheme Consideration is S$0.70/unit in cash against the latest commissioned Adjusted NAV estimate of S$0.6519 (vs last NAV of S$0.6534/unit).
The deal comes at an all-time high price, slightly exceeding the end-2019 price on a dividend-adjusted basis.  This should be done, but it is worth thinking about how.


Frasers Hospitality Trust Scheme Announced