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

The Amended FamilyMart Document Is A MUST READ For Investor-Stewards

FamilyMart Tender Offer - Winnie and HunnyPot Redux

Quiddity Advisors

Event-Driven

<ul>
<li>A small specialty adhesives maker - <a href="https://www.smartkarma.com/entities/teraoka-seisakusho-co-ltd" target="_blank" data-smartkarma-citation="entities:18180:1" rel="noopener">Teraoka Seisakusho (4987 JP)</a> has had an MBO proposed and approved. At 0.54x book. NetCash+securities+2.5mos of net A/R+inventory = 99% of Takeover Market Cap.</li>
<li>Borrow 2x EBITDA, pay out the cash and securities, and this is being done at &lt;0.3x remaining book. The takeover is 100+% bank funded. It's ridiculous.</li>
<li>For this to get stopped, however, someone has to go activist on a smallcap where retail owns the entire float and friends and family own 55% to start.</li>
</ul>


A small specialty adhesives maker - Teraoka Seisakusho (4987 JP) has had an MBO proposed and approved. At 0.54x book. NetCash+securities+2.5mos of net A/R+inventory = 99% of Takeover Market Cap.
Borrow 2x EBITDA, pay out the cash and securities, and this is being done at &lt;0.3x remaining book. The takeover is 100+% bank funded. It's ridiculous.
For this to get stopped, however, someone has to go activist on a smallcap where retail owns the entire float and friends and family own 55% to start.


Offensively Low-Priced MBO for Teraoka Seisakusho (4987) - Yet Another SmallCap Governance Disaster