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

[JAPAN ACTIVISM] Keisei Elec (9009) AGM Result Not Salutary, Tough To Win On This Stance

JPX-Nikkei 400 Rebal Aug 2024 - 44 IN, 41 OUT, ¥500bn of Capping, Just Under ¥1trn to Trade

[JAPAN ACTIVISM] Keisei Elec (9009) - Murakami Stake Causes Pop But the Oppty Is Still Unconvincing

Oriental Land (4661) Placement by Keisei Rail (9009) Says "That's the Door"

Activist Palliser Re-Engages on Keisei Electric (9009) But The Oppty Remains Unconvincing

Keisei Electric (9009) Share Buyback - Interesting Dynamics & Opportunity

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>In Oct2023, activist Palliser Capital launched a <a href="https://www.businesswire.com/news/home/20231017540912/en/Palliser-Capital-Responds-to-Media-Article-Regarding-Investment-in-Keisei-Electric-Railway" target="_blank" rel="noopener">campaign</a> on well-known "stub trade" <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> (1.6% stake). The proposal? Monetise OLC, invest for growth, be shareholder friendly.</li>
<li>Keisei responded 3+mos ago: buyback and 1% OLC stake sale but said OLC would remain an equity affiliate. Palliser re-engaged in late April (<a href="https://www.businesswire.com/news/home/20240423026545/ja/" target="_blank" rel="noopener">Japanese</a>/<a href="https://www.businesswire.com/news/home/20240423405941/en/Palliser-Capital-Proposes-Advisory-Resolution-to-Give-Shareholders-a-Voice-at-Keisei%E2%80%99s-Forthcoming-AGM" target="_blank" rel="noopener">English</a> and <a href="https://www.businesswire.com/news/home/20240429699717/ja/" target="_blank" rel="noopener">two AGM agenda items</a>). Keisei objected.</li>
<li>Palliser <a href="https://mms.businesswire.com/media/20240603986107/en/2149734/1/Attachment_Keisei_Electric_Railway_%E2%80%93_Palliser%E2%80%99s_AGM_Proposal.pdf?download=1" target="_blank" rel="noopener">made their case</a>, Glass Lewis and ISS support Palliser. Palliser likely cannot win. The goal here isn't to win though. It is to get enough to raise management consciousness. </li>
</ul>


In Oct2023, activist Palliser Capital launched a campaign on well-known "stub trade" Keisei Electric Railway Co (9009 JP) (1.6% stake). The proposal? Monetise OLC, invest for growth, be shareholder friendly.
Keisei responded 3+mos ago: buyback and 1% OLC stake sale but said OLC would remain an equity affiliate. Palliser re-engaged in late April (Japanese/English and two AGM agenda items). Keisei objected.
Palliser made their case, Glass Lewis and ISS support Palliser. Palliser likely cannot win. The goal here isn't to win though. It is to get enough to raise management consciousness. 


[JAPAN ACTIVISM] Palliser Gets ISS/GL Nods for Keisei AGM Proposals - How Will The Swing Vote Swing?