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

JAFCO (8595) Tender Offer Close Imminent - Decent Conviction to Not Be Long

JAFCO Tender Offer Results - Low Pro-Ration Surprise, Murakami Overhang

Revisiting Jafco (8595.T) - Company Reaches An Important Milestone

JAFCO (8595) Yields to Murakami Greenmail - Big Asset Sale, Big Buyback

JAFCO (8595) Cancels Tender Offer - I Offer a Modest Proposal For Good Governance

JAFCO (8595) Sells NRI Shares But VWAP Falling Short - Comes Down To Murakami-San

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a> was the target of activist Murakami-san in August 2022. They threatened a poison pill. Murakami-san sold, then bought to 19.5%. They negotiated. He won.</li>
<li>His result excluded others. The market did not take it well. Murakami-san rejected taking a 1% hit to original terms (vs reference NAV). JAFCO went back to the drawing board. </li>
<li>Then submitted to greenmail <em>at a higher price</em>. The first buyback was agreed at ¥2,500 vs ¥2,651 NAV. The new one? ¥2,730-2,840 vs ¥2,513 NAV. <strong>Inexplicable - Spectacularly Bad Governance.</strong>
</li>
</ul>



Jafco Co Ltd (8595 JP) was the target of activist Murakami-san in August 2022. They threatened a poison pill. Murakami-san sold, then bought to 19.5%. They negotiated. He won.
His result excluded others. The market did not take it well. Murakami-san rejected taking a 1% hit to original terms (vs reference NAV). JAFCO went back to the drawing board. 
Then submitted to greenmail at a higher price. The first buyback was agreed at ¥2,500 vs ¥2,651 NAV. The new one? ¥2,730-2,840 vs ¥2,513 NAV. Inexplicable - Spectacularly Bad Governance.



JAFCO (8595) Succumbs to Even Worse Greenmail - SPECTACULARLY BAD Governance