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

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

Back to Jafco- Continues to Be in the Right Place and at the Right Time

Jafco- Recent Results Highlight the Upside Case Going Forward

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

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

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

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> announced the results of its Tender Offer Buyback today. They wanted to buy 16.8mm shares including 13.9mm from Murakami-san. He sold 9.63mm. Oops. </li>
<li>Pro-Ration was 69.25% which means that Murakami entities are still long about 4.276mm shares or 5.83% of shares out. </li>
<li>There should be some index selling, and some Murakami Overhang. There may be more overhang at recent prices.</li>
</ul>



Jafco Co Ltd (8595 JP) announced the results of its Tender Offer Buyback today. They wanted to buy 16.8mm shares including 13.9mm from Murakami-san. He sold 9.63mm. Oops. 
Pro-Ration was 69.25% which means that Murakami entities are still long about 4.276mm shares or 5.83% of shares out. 
There should be some index selling, and some Murakami Overhang. There may be more overhang at recent prices.


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