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

Activist Buys 7+% of Takeover Target Macromill (3978 JP)

CVC Offers ¥1150 for Macromill (3978) - Wrong Price, Wrong Register - Expect Activism or An Overbid

Quiddity Advisors

Event-Driven

<ul>
<li>Three pre-existing Large Shareholders have not sold down. Two new 5+% shareholders have appeared since Tender Launch. Together, their reports give them 51.7% of shares out.</li>
<li>That provides them with a significantly strong implied negotiating hand. Given the midpoint of the Target Company's Advisor's DCF Range, I expect a bump. </li>
<li>Today the Bidder extended for 10 more days. They didn't have the shares to close. I expect they won't unless they bump a lot. </li>
</ul>


Three pre-existing Large Shareholders have not sold down. Two new 5+% shareholders have appeared since Tender Launch. Together, their reports give them 51.7% of shares out.
That provides them with a significantly strong implied negotiating hand. Given the midpoint of the Target Company's Advisor's DCF Range, I expect a bump. 
Today the Bidder extended for 10 more days. They didn't have the shares to close. I expect they won't unless they bump a lot. 


Macromill (3978 JP) - Five Major Investors Have 50+%; CVC Extends and Will Need to Bump Or Walk

Macromill, Inc

Macromill (3978 JP) - Five Major Investors Have 50+%; CVC Extends and Will Need to Bump Or Walk