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

Starwood Responds to Invesco Office's White Knight Proposal

Starwood Bumps Invesco Office Price to Match But STILL Not a Done Deal

Invesco Real Estate Bumps Intended Tender Offer Price

Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight

Starwood Bumps Terms, Lowers Threshold on Invesco Office

Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things

Quiddity Advisors

Event-Driven

<p>Today after the close, the fortunes of the unitholders of <a href="https://www.smartkarma.com/entities/invesco-office-j-reit-inc" target="_blank" data-smartkarma-citation="entities:7414:1" rel="noopener">Invesco Office J Reit (3298 JP)</a> may have changed again. </p><p>After the close, the expected <a href="http://www.invesco-reit.co.jp/file/en-news-e385df2eaab717795737e126440f3660f6844ecf.pdf" target="_blank" rel="noopener">amendment</a> of the Target Opinion Statement (AGAINST) of Invesco Office REIT vis-a-vis the Starwood revision was released. And there is a <a href="http://www.invesco-reit.co.jp/file/en-news-a4e2383f2cf69542a2ecebc3fb29d9a6c41a75b4.pdf" target="_blank" rel="noopener">cancellation</a> of a unitholders meeting which had as its record date 30 April. This may create some upset on the part of Starwood but it is procedural, and given the other news today, it is not an egregious offense against Starwood. </p><h3>The OTHER News After the Close - Invesco Real Estate Overbids</h3><p>Today, <a href="https://www.smartkarma.com/entities/invesco-office-j-reit-inc" target="_blank" data-smartkarma-citation="entities:7414:1" rel="noopener">Invesco Office J Reit (3298 JP)</a> and its manager <a href="http://www.invesco-reit.co.jp/file/en-news-10f6aa9ffc1f0251ddd0c2a2db1b217c1c2436ab.pdf" target="_blank" rel="noopener">announced</a> they had received a proposal for a Tender Offer bid by Invesco Real Estate (Cayman) for all the shares of Invesco Office J-REIT.</p><blockquote>
<p> Invesco Real Estate plans to commence the Tender Offer from early to mid- June, 2021, subject to certain conditions (or waiver by the Invesco Real Estate), with the tender offer period of 30 business days.</p>
<p>The tender offer price of the Tender Offer will be 22,500 yen per investment unit, representing a 15.33% premium to the closing unit price of the investment units of the Investment Corporation as of May 19, 2021 and a 3.45% premium to the tender offer price of the Starwood Tender Offer.</p>
</blockquote><p>So that's on. And there has been reason to be bullish. </p><p>Now there is more.</p><div><p>More below the fold. </p></div><hr><div><table class="table table-striped"><tbody>
<tr><td colspan="3" style="width: 723.2px;"><h3>The Insights to Date in the Starwood - Invesco Office REIT Tussle</h3></td></tr>
<tr>
<td style="width: 80.8px;"><strong>Date</strong></td>
<td style="width: 92px;"><strong>Direction</strong></td>
<td style="width: 508.8px;"><strong>Title</strong></td>
</tr>
<tr>
<td style="width: 80.8px;">5 Apr 2021</td>
<td style="width: 92px;">Bullish but...</td>
<td style="width: 508.8px;"><a href="https://www.smartkarma.com/insights/starwood-targets-japan-s-first-hostile-reit-full-tob-for-invesco-office-j-reit" target="_blank" data-smartkarma-citation="insights:49976" rel="noopener">Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT</a></td>
</tr>
<tr>
<td style="width: 80.8px;">8 Apr 2021</td>
<td style="width: 92px;">Bearish but...</td>
<td style="width: 508.8px;"><a href="https://www.smartkarma.com/insights/starwood-hostile-reit-tender-launched" target="_blank" data-smartkarma-citation="insights:50112" rel="noopener">Starwood Hostile REIT Tender Launched</a></td>
</tr>
<tr>
<td style="width: 80.8px;">15 Apr 2021</td>
<td style="width: 92px;">Bullish but...</td>
<td style="width: 508.8px;"><a href="https://www.smartkarma.com/insights/invesco-office-j-reit-responds-to-starwood-s-hostile-offer" target="_blank" data-smartkarma-citation="insights:50381" rel="noopener">Invesco Office J-REIT Responds to Starwood's Hostile Offer</a></td>
</tr>
<tr>
<td style="width: 80.8px;">23 Apr 2021</td>
<td style="width: 92px;">Bearish but...</td>
<td style="width: 508.8px;"><a href="https://www.smartkarma.com/insights/starwood-rejection-of-extension-means-full-hostile-tender" target="_blank" data-smartkarma-citation="insights:50641" rel="noopener">Starwood Rejection of Extension Means Full Hostile Tender</a></td>
</tr>
<tr>
<td style="width: 80.8px;">6 May 2021</td>
<td style="width: 92px;">Outright Bullish</td>
<td style="width: 508.8px;"><a href="https://www.smartkarma.com/insights/invesco-office-opposes-starwood-hostile-offer-and-gets-a-distinctly-beige-knight" target="_blank" data-smartkarma-citation="insights:51162" rel="noopener">Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight</a></td>
</tr>
<tr>
<td style="width: 80.8px;">11 May 2021</td>
<td style="width: 92px;">Outright Bearish</td>
<td style="width: 508.8px;"><a href="https://www.smartkarma.com/insights/starwood-bumps-terms-lowers-threshold-on-invesco-office" target="_blank" data-smartkarma-citation="insights:51302" rel="noopener">Starwood Bumps Terms, Lowers Threshold on Invesco Office</a></td>
</tr>
<tr>
<td style="width: 80.8px;">13 May 2021</td>
<td style="width: 92px;">Bullish</td>
<td style="width: 508.8px;">
<a href="https://www.smartkarma.com/insights/invesco-office-s-terrible-horrible-no-good-very-bad-day-changes-things" target="_blank" data-smartkarma-citation="insights:51410" rel="noopener">Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things</a> </td>
</tr>
</tbody></table></div>

Today after the close, the fortunes of the unitholders of Invesco Office J Reit (3298 JP) may have changed again. After the close, the expected amendment of the Target Opinion Statement (AGAINST) of Invesco Office REIT vis-a-vis the Starwood revision was released. And there is a cancellation of a unitholders meeting which had as its record date 30 April. This may create some upset on the part of Starwood but it is procedural, and given the other news today, it is not an egregious offense against Starwood. The OTHER News After the Close - Invesco Real Estate OverbidsToday, Invesco Office J Reit (3298 JP) and its manager announced they had received a proposal for a Tender Offer bid by Invesco Real Estate (Cayman) for all the shares of Invesco Office J-REIT.
 Invesco Real Estate plans to commence the Tender Offer from early to mid- June, 2021, subject to certain conditions (or waiver by the Invesco Real Estate), with the tender offer period of 30 business days.
The tender offer price of the Tender Offer will be 22,500 yen per investment unit, representing a 15.33% premium to the closing unit price of the investment units of the Investment Corporation as of May 19, 2021 and a 3.45% premium to the tender offer price of the Starwood Tender Offer.
So that's on. And there has been reason to be bullish. Now there is more.More below the fold. 
The Insights to Date in the Starwood - Invesco Office REIT Tussle

Date
Direction
Title


5 Apr 2021
Bullish but...
Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT


8 Apr 2021
Bearish but...
Starwood Hostile REIT Tender Launched


15 Apr 2021
Bullish but...
Invesco Office J-REIT Responds to Starwood's Hostile Offer


23 Apr 2021
Bearish but...
Starwood Rejection of Extension Means Full Hostile Tender


6 May 2021
Outright Bullish
Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight


11 May 2021
Outright Bearish
Starwood Bumps Terms, Lowers Threshold on Invesco Office


13 May 2021
Bullish

Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things 



Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter