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

Another Day Ending in Y, Another Low-Balled Takeover - This Time Glosel (9995)

Quiddity Advisors

Event-Driven

<ul>
<li>Two months ago, <a href="https://www.smartkarma.com/entities/macnica-fuji-electronics-hol" target="_blank" data-smartkarma-citation="entities:26074:1" rel="noopener">Macnica Holdings Inc (3132 JP)</a> launched a tender on semiconductor trading house <a href="https://www.smartkarma.com/entities/glosel-co-ltd" target="_blank" data-smartkarma-citation="entities:18515:1" rel="noopener">Glosel (9995 JP)</a>. OK, but... it was too cheap at 0.71x book. Why?  </li>
<li>Glosel is special because it has three main assets. 1) 61% of net assets are inventory (&lt;3mos), 2) 34% of net assets are net receivables (&lt;3mos), 3) 8+% is securities.</li>
<li>It took two months to get approvals in place and two months of trading well through terms, and so now the terms have been bumped 16%. Thank Murakami-san.</li>
</ul>


Two months ago, Macnica Holdings Inc (3132 JP) launched a tender on semiconductor trading house Glosel (9995 JP). OK, but... it was too cheap at 0.71x book. Why?  
Glosel is special because it has three main assets. 1) 61% of net assets are inventory (&lt;3mos), 2) 34% of net assets are net receivables (&lt;3mos), 3) 8+% is securities.
It took two months to get approvals in place and two months of trading well through terms, and so now the terms have been bumped 16%. Thank Murakami-san.


Japan Activism - Bumpity Bumpity - Lowball Macnica Bid for Glosel (9995) Is Bumped! (+16.3% to ¥750)