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

INPEX Buyback Offers 2 Opportunities - INPEX (1605 JP)

Quiddity Advisors

Event-Driven

Japan Petroleum Exploration / Event-Driven

On Friday, as discussed in <a href="https://www.smartkarma.com/insights/inpex-buyback-offers-2-opportunities-inpex-1605-jp" target="_blank" data-smartkarma-citation="insights:60204" rel="noopener">INPEX Buyback Offers 2 Opportunities - INPEX (1605 JP)</a>, INPEX announced decent earnings and a buyback. A large chunk of that buyback comes Monday morning on 8 November. The announcement of the buyback is split into the <a href="https://www.inpex.co.jp/english/news/assets/pdf/20211105.pdf" target="_blank" rel="noopener">programme announcement</a> (up to 80mm shares (5.48%), up to ¥70bn between now and end-January and the <a href="https://www.inpex.co.jp/english/news/assets/pdf/20211105_d.pdf" target="_blank" rel="noopener">ToSTNeT-3 buyback announcement</a> (53.447mm shares at ¥946/share on Monday morning).The last line of that announcement indicated that <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a> had received notice from <a href="https://www.smartkarma.com/entities/japan-petroleum-exploration" target="_blank" data-smartkarma-citation="entities:12219:1" rel="noopener">Japan Petroleum Exploration (1662 JP)</a> - longtime second-largest shareholder - that JAPEX "has the intention to sell a portion of the INPEX shares that it holds." Conveniently, 53.447mm shares is exactly half what JAPEX holds, or 3.65% of shares out. This is not huge, but for long-time observers of JAPEX, it represents an interesting development. More below.

On Friday, as discussed in INPEX Buyback Offers 2 Opportunities - INPEX (1605 JP), INPEX announced decent earnings and a buyback. A large chunk of that buyback comes Monday morning on 8 November. The announcement of the buyback is split into the programme announcement (up to 80mm shares (5.48%), up to ¥70bn between now and end-January and the ToSTNeT-3 buyback announcement (53.447mm shares at ¥946/share on Monday morning).The last line of that announcement indicated that Inpex Corp (1605 JP) had received notice from Japan Petroleum Exploration (1662 JP) - longtime second-largest shareholder - that JAPEX "has the intention to sell a portion of the INPEX shares that it holds." Conveniently, 53.447mm shares is exactly half what JAPEX holds, or 3.65% of shares out. This is not huge, but for long-time observers of JAPEX, it represents an interesting development. More below. 

INPEX Buyback Offers 2 Opportunities - JAPEX (1662 JP)