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 Weekly | Stocks Lower but Global Economy Remains Strong

JSR (4185) - Deal Done, Now Back End Arbs Need To Be Card Counters

JSR (4185 JP) - Launch of The Official Tender Offer (And the Double Arb)

JIC Launches a NOT-¥1trln Tender Offer for JSR (4185). Welcome? Yes. Overwhelming? Meh.

JSR (4185) - Reporters Reportedly Report Conditions Such That JIC Deal Could Come Soon

Quiddity Advisors

Event-Driven

<ul>
<li>In what is a surprising move to me, Murakami-san has gone substantial on <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> with the vast majority of his stake purchased at a spread of &lt;0.05%.</li>
<li>As suggested in <a href="https://www.smartkarma.com/insights/jic-launches-a-not-1trln-tender-offer-for-jsr-4185-welcome-yes-overwhelming-meh" target="_blank" data-smartkarma-citation="insights:105504" rel="noopener">JIC Launches a NOT-¥1trln Tender Offer for JSR (4185). Welcome? Yes. Overwhelming? Meh</a>, the deal price was not overwhelming. It got less so as the market rose.</li>
<li>But this is an odd target. High float. No competition. Would take a lot to block or force the bumpitrage, which suggests appraisal rights or a "technicality." </li>
</ul>


In what is a surprising move to me, Murakami-san has gone substantial on JSR Corp (4185 JP) with the vast majority of his stake purchased at a spread of &lt;0.05%.
As suggested in JIC Launches a NOT-¥1trln Tender Offer for JSR (4185). Welcome? Yes. Overwhelming? Meh, the deal price was not overwhelming. It got less so as the market rose.
But this is an odd target. High float. No competition. Would take a lot to block or force the bumpitrage, which suggests appraisal rights or a "technicality." 


JSR (4185 JP) - Activist Murakami-San Goes to 5+%! Bumpitrage? Appraisal Rights? A Technicality?