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

Quiddity Advisors

Event-Driven

EPL Ltd (fka Essel Propack) / Event-Driven

The <a href="https://www.smartkarma.com/entities/essel-propack-ltd" target="_blank" data-smartkarma-citation="entities:6958:1" rel="noopener">Essel Propack (ESEL IN)</a> Open Offer by a <a href="https://www.smartkarma.com/entities/blackstone-group-lp" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group LP (BX US)</a> fund was announced in April, a bit over three months ago. After a six week delay, the Offer finally started last week and goes through this Friday. The Partial Offer is to buy 82,058,934 shares at INR 139.19 (there was a small dividend in addition between the announcement and the start of the Tender Offer). In April, Chairman Ashok Goel, who held a 57.03% stake in Essel Propack through the Ashok Goel Trust and affiliates announced it would sell a 51% stake in the company to Blackstone, which would trigger a Mandatory Open Offer. Blackstone is therefore buying 26% of the shares in an Open Offer. Normally that would mean a minimum pro-ration of 53.06% but as Mr. Ashok Goel will keep 6% of the shares, minimum pro-ration reaches 60.5%.You have a day or two left to do your trading. If you want out, you might have to cross it to a Tender Offer Buyer. <hr>Quiddity's new <a href="https://www.smartkarma.com/insights/quiddity-india-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30885" rel="noopener">Quiddity India M&amp;A Guide 2019</a>is now published with guidelines to the relevant rules, regulations, documentation, and pointers to the India M&amp;A landscape. Look for other countries in the series <a href="https://www.smartkarma.com/search?q=Quiddity%20M%26A" target="_blank" rel="noopener">here</a>.

The Essel Propack (ESEL IN) Open Offer by a Blackstone Group LP (BX US) fund was announced in April, a bit over three months ago. After a six week delay, the Offer finally started last week and goes through this Friday. The Partial Offer is to buy 82,058,934 shares at INR 139.19 (there was a small dividend in addition between the announcement and the start of the Tender Offer). In April, Chairman Ashok Goel, who held a 57.03% stake in Essel Propack through the Ashok Goel Trust and affiliates announced it would sell a 51% stake in the company to Blackstone, which would trigger a Mandatory Open Offer. Blackstone is therefore buying 26% of the shares in an Open Offer. Normally that would mean a minimum pro-ration of 53.06% but as Mr. Ashok Goel will keep 6% of the shares, minimum pro-ration reaches 60.5%.You have a day or two left to do your trading. If you want out, you might have to cross it to a Tender Offer Buyer. Quiddity's new Quiddity India M&amp;A Guide 2019is now published with guidelines to the relevant rules, regulations, documentation, and pointers to the India M&amp;A landscape. Look for other countries in the series here.

EPL Ltd (fka Essel Propack)

Last Call for Essel Propack Tender Offer