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

Nishimatsu Construction - Tender Completed, Overhang Commences

Toa Corp (1885 JP) - Another Big Buyback for a Murakami Company

Hazama Ando (1719 JP) - Big Buyback Is Set & Forget

Sanshin Electronics (8150 JP) BIG Buyback Tender - Not Designed For You

Quiddity Advisors

Event-Driven

Nishimatsu Construction Co / Event-Driven

Back in June, <a href="https://www.smartkarma.com/entities/sanshin-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:5711:1" rel="noopener">Sanshin Electronics (8150 JP)</a> announced a buyback for 28.8% of the company. It came after a long buying campaign by one specific investor. Normally this would be "good news." Those who want to get out could sell a significant portion of their holding without friction and others could look at the situation and see significant improvement to capital allocation and huge accretion. My piece was called <a href="https://www.smartkarma.com/insights/sanshin-electronics-8150-jp-big-buyback-tender-not-designed-for-you" target="_blank" data-smartkarma-citation="insights:53380" rel="noopener">Sanshin Electronics (8150 JP) BIG Buyback Tender - Not Designed For You</a> Today, <a href="https://www.smartkarma.com/entities/nishimatsu-construction-co" target="_blank" data-smartkarma-citation="entities:9945:1" rel="noopener">Nishimatsu Construction Co (1820 JP)</a> announced a similar transaction. The stock has done somewhat well over as of recent, hitting a 20+yr high in the past few weeks.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/231/065/original/Screenshot+2021-09-21+at+9.35.08+PM.png?1632231356" class="editor-image img-responsive" data-smartkarma-image-id="231065"></figure></section>The company has announced it will buy up to 15,000,000 shares for up to ¥54.447bn. That is 26.98% of shares outstanding. The share buyback transaction will be undertaken as a Tender Offer, running from 22 September to 20 October, with the buyback price ¥3,626/share, which is a small premium to the close - Yay!And once again......it is not for you.

Back in June, Sanshin Electronics (8150 JP) announced a buyback for 28.8% of the company. It came after a long buying campaign by one specific investor. Normally this would be "good news." Those who want to get out could sell a significant portion of their holding without friction and others could look at the situation and see significant improvement to capital allocation and huge accretion. My piece was called Sanshin Electronics (8150 JP) BIG Buyback Tender - Not Designed For You Today, Nishimatsu Construction Co (1820 JP) announced a similar transaction. The stock has done somewhat well over as of recent, hitting a 20+yr high in the past few weeks.The company has announced it will buy up to 15,000,000 shares for up to ¥54.447bn. That is 26.98% of shares outstanding. The share buyback transaction will be undertaken as a Tender Offer, running from 22 September to 20 October, with the buyback price ¥3,626/share, which is a small premium to the close - Yay!And once again......it is not for you. 

Nishimatsu Construction (1820) About to Do Its Last Buyback for a While, and You Can't Participate!