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

Tokyo Kikai Seisakusho (6335) - Shareholders Approve Poison Pill

TOPIX Inclusion: Bull-Dog Sauce (2804) Is SUPER GREEN

Quiddity Advisors

Event-Driven

<ul>
<li>This should come as no surprise. <a href="https://www.smartkarma.com/entities/nagoya-railroad-co-ltd" target="_blank" data-smartkarma-citation="entities:8652:1" rel="noopener">Nagoya Railroad (9048 JP)</a> is buying out minorities in logistics unit <a href="https://www.smartkarma.com/entities/meitetsu-transport-co-ltd" target="_blank" data-smartkarma-citation="entities:1475:1" rel="noopener">Meitetsu Transport (9077 JP)</a>.  </li>
<li>Given the shareholder structure, this can be done and squeezed out with not a single share tendered, but it's ugly. </li>
<li>Logistics REITs trade at 1.3-1.5x book. This is being done at 0.55x book where just 1.0x book for the warehouse assets would be more than the EV at Takeover Price.</li>
</ul>


This should come as no surprise. Nagoya Railroad (9048 JP) is buying out minorities in logistics unit Meitetsu Transport (9077 JP).  
Given the shareholder structure, this can be done and squeezed out with not a single share tendered, but it's ugly. 
Logistics REITs trade at 1.3-1.5x book. This is being done at 0.55x book where just 1.0x book for the warehouse assets would be more than the EV at Takeover Price.


Meitetsu Transport (9077) Takeover - Parent "Stealing" Logistics Assets at 0.55x Book