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

Pipedo HD (3919 JP): Advantage Partners MBO

Quiddity Advisors

Event-Driven

<ul>
<li>Last autumn, Advantage Partners launched an MBO on <a href="https://www.smartkarma.com/entities/pipedo-hd-inc" target="_blank" data-smartkarma-citation="entities:26982:1" rel="noopener">Pipedo HD Inc (3919 JP)</a> where an activist/y presence threatened to be able to block it. Partway through, shares popped.</li>
<li>The MBO was unsuccessful. Now they are back, at the same price, and now they have arranged a side deal with the activist-y holder. So now it is stitched up. </li>
<li>There could easily be people unhappy with the structure of this deal, especially as book value is up 16%, and projected cashflows 8-10% higher than last time. </li>
</ul>


Last autumn, Advantage Partners launched an MBO on Pipedo HD Inc (3919 JP) where an activist/y presence threatened to be able to block it. Partway through, shares popped.
The MBO was unsuccessful. Now they are back, at the same price, and now they have arranged a side deal with the activist-y holder. So now it is stitched up. 
There could easily be people unhappy with the structure of this deal, especially as book value is up 16%, and projected cashflows 8-10% higher than last time. 


PipeDo Holdings (3919) MBO - Advantage Again, This Time It's a Stitch-Up