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

Prosus EGM Approves Partial Offer for Naspers - Next Steps Interesting, Part I

Naspers-Prosus - Estimating Pro-Ration and Analysing Index Events

Be Careful What You Wish For REDUX - Prosus Selling US$15bn in Tencent

Be Careful What You Wish For - Naspers To Sell up to US$10bn in Tencent

Tencent Placement - Huge Deal in Size, Small in Relative Terms - Succumbing to the HoldCo Discount

Quiddity Advisors

Event-Driven

Today, <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> and <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> surprised most of us by announcing a Proposed Voluntary Share Exchange Offer to Naspers Shareholders. The deal involves offering Naspers shareholders the chance to convert their Naspers shares to Prosus shares at a premium to the last trade and recent value, and offer "value" to Prosus shareholders via accretion.The resulting complexity is, however, less attractive. The initial response was to see the Naspers-Prosus spread tighten. The next response is to widen back out a bit. The coming days will tell you what the real response is. The response of the Prosus:NAV ratio is the more informative of the two. Eventually, the model accretion plus buyback accretion at Prosus should win shareholders over, and domestic Naspers shareholders should find the structure slightly attractive, but the call made clear that despite executives having spent a LOT of time on this, they clearly hadn't thought everything through.

Today, Naspers (NPN SJ) and Prosus (PRX NA) surprised most of us by announcing a Proposed Voluntary Share Exchange Offer to Naspers Shareholders. The deal involves offering Naspers shareholders the chance to convert their Naspers shares to Prosus shares at a premium to the last trade and recent value, and offer "value" to Prosus shareholders via accretion.The resulting complexity is, however, less attractive. The initial response was to see the Naspers-Prosus spread tighten. The next response is to widen back out a bit. The coming days will tell you what the real response is. The response of the Prosus:NAV ratio is the more informative of the two. Eventually, the model accretion plus buyback accretion at Prosus should win shareholders over, and domestic Naspers shareholders should find the structure slightly attractive, but the call made clear that despite executives having spent a LOT of time on this, they clearly hadn't thought everything through. 

Naspers & Prosus Exchange Offer - Accretion Vs Complexity

Prosus NV

Naspers & Prosus Exchange Offer - Accretion Vs Complexity