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

Lendlease Global Offering to Buy the Rest of JEM - Big Deal, Cheap, Cheaper Than Peers

Noodling MNACT Vs MCT Deal Risk... Even the Complications Have Complications.

MNACT/MCT Circulars Out - Still Probably Heads I Win Tails I Win - But It's Complicated

Mapletree Commercial Vs the World (Or at Least S-REIT World). Still Heads I Win Tails I Win

Activist Quarz Objects to Mapletree Merger Terms - A Commentary

Quarz Capital Again Objects to the MNACT/MCT Deal - This Time to MAS

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

Mapletree Pan Asia Commercial Trust (MCT SP)

<ul>
<li>Quarz and MNACT holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV. </li>
<li>However there is a catch they want to stay invested in the assets, they have to buy MCT in the market or accept that the scrip ratio was correct. </li>
<li>To fund the Cash-Only Consideration option, there will be a Preferential Offering at S$2.0039/unit, and MIPL has offered to underwrite the entire deal. MNACT holders get a free option now.</li>
</ul>


Quarz and MNACT holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV. 
However there is a catch they want to stay invested in the assets, they have to buy MCT in the market or accept that the scrip ratio was correct. 
To fund the Cash-Only Consideration option, there will be a Preferential Offering at S$2.0039/unit, and MIPL has offered to underwrite the entire deal. MNACT holders get a free option now.


Mapletree North Asia Commercial Trust (MAGIC SP)

Mapletree Revise Scheme - Give MNACT Holders Cash for NAV and a Free Option