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 Tender for Invesco Fails - Invesco Deal More Likely To Work But...

Invesco Real Estate Deal for Invesco Office (3298) Successful - Now For the Aftermath

Invesco Office Index Deletion Monday 30 Aug

Starwood Responds to Invesco Office's White Knight Proposal

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

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

Quiddity Advisors

Event-Driven

Today after the close, Invesco Real Estate (Cayman) ("IRE"), affiliate/parent of the various entities which either own <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> shares (such as Invesco Investments (Bermuda)) or manage the office REIT, which had made its original proposal on 20 May, just prior to the original 24 May 2021 expiry of the Tender Offer by Starwood Group, released an announcement suggesting a change to its original proposal. IRE announced it would increase its proposed Tender Offer Price to ¥22,750/share from ¥22,500/share which is the original proposed level AND the level to which Starwood lifted their Tender Offer Price on 1 June 2021. The update (TDNet <a href="https://www.release.tdnet.info/inbs/140120210611447181.pdf" target="_blank" rel="noopener">link</a>, and Invesco <a href="http://www.invesco-reit.co.jp/file/en-news-89f7f6ba4c808fa14a2d471b984b28359dccfc08.pdf" target="_blank" rel="noopener">link</a> (because the document link on the Invesco Office page is faulty as of the time of writing), and PDF also attached below) notes that equity funding is committed, debt funding proposal is being finalised, but there are other conditions still unmet, and at the moment, IRE expects to be able to launch by 18 June, which is pretty close to the original expectations, and the Tender Offer would run for 26 business days (30 business days from the updated proposal). The letter remains non-binding indication of interest, and IRE is still "in the middle of the prior-consultation process with regard to the Tender Offer with the Kanto Local Finance Bureau.The process from here has a few possible branches.

Today after the close, Invesco Real Estate (Cayman) ("IRE"), affiliate/parent of the various entities which either own Invesco Office J Reit (3298 JP) shares (such as Invesco Investments (Bermuda)) or manage the office REIT, which had made its original proposal on 20 May, just prior to the original 24 May 2021 expiry of the Tender Offer by Starwood Group, released an announcement suggesting a change to its original proposal. IRE announced it would increase its proposed Tender Offer Price to ¥22,750/share from ¥22,500/share which is the original proposed level AND the level to which Starwood lifted their Tender Offer Price on 1 June 2021. The update (TDNet link, and Invesco link (because the document link on the Invesco Office page is faulty as of the time of writing), and PDF also attached below) notes that equity funding is committed, debt funding proposal is being finalised, but there are other conditions still unmet, and at the moment, IRE expects to be able to launch by 18 June, which is pretty close to the original expectations, and the Tender Offer would run for 26 business days (30 business days from the updated proposal). The letter remains non-binding indication of interest, and IRE is still "in the middle of the prior-consultation process with regard to the Tender Offer with the Kanto Local Finance Bureau.The process from here has a few possible branches.

Invesco Real Estate Bumps Intended Tender Offer Price