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

Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

Helios Techno Holding (6927) TOB - Today Could Be The Day

Quiddity Advisors

Event-Driven

<ul>
<li>Today at noon JST, <a href="https://www.smartkarma.com/entities/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> released an <a href="https://contents.xj-storage.jp/xcontents/AS02916/3c9631f2/323f/4c37/be18/3ffd624622ff/140120240614529116.pdf" target="_blank" rel="noopener">announcement</a> on TDNet, <em>"Our policy regarding the tender offer for Helios Techno Holding Co., Ltd. shares"</em>
</li>
<li>In it, they indicated that the price offered - ¥825/share - is a price which <em>"fully returns to general shareholders the increased enterprise value that will result from [transaction] synergies."</em>
</li>
<li>They acknowledge the market price is trading higher than the TOB Price, but say they have no plans to raise the Tender Offer Price. So now what? It depends.</li>
</ul>


Today at noon JST, Rs Technologies (3445 JP) released an announcement on TDNet, "Our policy regarding the tender offer for Helios Techno Holding Co., Ltd. shares"

In it, they indicated that the price offered - ¥825/share - is a price which "fully returns to general shareholders the increased enterprise value that will result from [transaction] synergies."

They acknowledge the market price is trading higher than the TOB Price, but say they have no plans to raise the Tender Offer Price. So now what? It depends.


Helios Techno Holding (6927) - RS Won't Bid Higher, Market Sees Value