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

Itoki (7972) Mammoth Buyback Coming Imminently After 35% Jump

Quiddity Advisors

Event-Driven

<ul>
<li>As discussed in <a href="https://www.smartkarma.com/insights/itoki-7972-mammoth-buyback-coming-imminently-after-35-jump" target="_blank" data-smartkarma-citation="insights:127355" rel="noopener">Itoki (7972) Mammoth Buyback Coming Imminently After 35% Jump</a>, the company was going to do a mega ToSTNeT-3 buyback between then and end-Feb. That happened this morning.</li>
<li>The company bought back 7.966mm shares (13.96%) for ¥15.9bn. That <em>should</em> have cleared out the bulk of the risk of the original warrant holders who bought in 2020. But...</li>
<li>The dilution/accretion don't offset perfectly, and there is a clause suggesting how this <em>might</em> play out from here. But we can infer things from other data we now have.</li>
</ul>


As discussed in Itoki (7972) Mammoth Buyback Coming Imminently After 35% Jump, the company was going to do a mega ToSTNeT-3 buyback between then and end-Feb. That happened this morning.
The company bought back 7.966mm shares (13.96%) for ¥15.9bn. That should have cleared out the bulk of the risk of the original warrant holders who bought in 2020. But...
The dilution/accretion don't offset perfectly, and there is a clause suggesting how this might play out from here. But we can infer things from other data we now have.


Itoki (7972 JP) - Worth Thinking About Post Mega ToSTNeT-3 Buyback

Itoki Corp

Itoki (7972 JP) - Worth Thinking About Post Mega ToSTNeT-3 Buyback