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

IJTT (7315 JP) - A Truly Offensive Takeover Price and Process To Buy Out Minorities at 0.46x Book

Murakami-San's Masterful Maneuvering to Stymy SBI's Shysterish Shinsei Squeezeout

IJTT (7315 JP) - Truly Offensive Takeover Price Gets Bumped, Offensively

Quiddity Advisors

Event-Driven

<ul>
<li>In <a href="https://www.smartkarma.com/insights/ijtt-7315-jp-a-truly-offensive-takeover-price-and-process-to-buy-out-minorities-at-0-46x-book" target="_blank" data-smartkarma-citation="insights:117336" rel="noopener">IJTT (7315 JP) - A Truly Offensive Takeover Price and Process To Buy Out Minorities at 0.46x Book</a> I laid it out like it was. It needed a bump. </li>
<li>It got a bump (<a href="https://www.smartkarma.com/insights/ijtt-7315-jp-truly-offensive-takeover-price-gets-bumped-offensively" target="_blank" data-smartkarma-citation="insights:123250" rel="noopener">IJTT (7315 JP) - Truly Offensive Takeover Price Gets Bumped, Offensively</a>) to ¥850/share. From 0.46x PBR it got bumped to 0.48x PBR. For a cash-rich company. </li>
<li>Taking out net cash and securities, paying off deferred tax assets and UPBOs the deal is at 0.41x operating asset book for minorities. Still offensive. Beyond negligent. </li>
</ul>


In IJTT (7315 JP) - A Truly Offensive Takeover Price and Process To Buy Out Minorities at 0.46x Book I laid it out like it was. It needed a bump. 
It got a bump (IJTT (7315 JP) - Truly Offensive Takeover Price Gets Bumped, Offensively) to ¥850/share. From 0.46x PBR it got bumped to 0.48x PBR. For a cash-rich company. 
Taking out net cash and securities, paying off deferred tax assets and UPBOs the deal is at 0.41x operating asset book for minorities. Still offensive. Beyond negligent. 


IJTT (7315) - Last Trading Day for Still Truly Offensive Tender Offer

IJTT Co., Ltd.

IJTT (7315) - Last Trading Day for Still Truly Offensive Tender Offer