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

Arisawa (5208) Activism:  Biggish Buyback, But Lots More Potential Behind

Quiddity Advisors

Event-Driven

On 27 August 2019 after the close, functional chemicals (and explosives) maker <a href="https://www.smartkarma.com/entities/nippon-kayaku-co-ltd" target="_blank" data-smartkarma-citation="entities:6971:1" rel="noopener">Nippon Kayaku (4272 JP)</a>  <a href="https://ssl4.eir-parts.net/doc/4272/tdnet/1747665/00.pdf" target="_blank" rel="noopener">announced</a> that it would purchase the 33.5% of JASDAQ-listed <a href="https://www.smartkarma.com/entities/polatechno-co-ltd" target="_blank" data-smartkarma-citation="entities:19636:1" rel="noopener">Polatechno (4239 JP)</a> that it did not already own, via Tender Offer, at ¥993/share - a whopping 92% premium to last price (which is admittedly scraping off multi-year lows).Polatechno's Board <a href="https://www.polatechno.co.jp/report/item/data/ir00497-1.pdf" target="_blank" rel="noopener">agreed to support</a> the Tender Offer.This would get the stock back to its 18-month high, which is nice.It requires a minimum tender of 22.38% of the 33.55% not owned, which lookslike they need to dislodge 66.7% of minorities. But there's a reason why they can.Details below.<hr>For other insights on Japanese M&amp;A please check the list of Japan-related Event-Driven insights <a href="https://www.smartkarma.com/insights?collection=all-insights&amp;filters=countries%3AJapan%7Cverticals%3A29" target="_blank" rel="noopener">here</a>. As a reference to Japan M&amp;A rules and practices, please see the <a href="https://www.smartkarma.com/insights/quiddity-japan-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28911" rel="noopener">Quiddity Japan M&amp;A Guide 2019</a>.

On 27 August 2019 after the close, functional chemicals (and explosives) maker Nippon Kayaku (4272 JP)  announced that it would purchase the 33.5% of JASDAQ-listed Polatechno (4239 JP) that it did not already own, via Tender Offer, at ¥993/share - a whopping 92% premium to last price (which is admittedly scraping off multi-year lows).Polatechno's Board agreed to support the Tender Offer.This would get the stock back to its 18-month high, which is nice.It requires a minimum tender of 22.38% of the 33.55% not owned, which lookslike they need to dislodge 66.7% of minorities. But there's a reason why they can.Details below.For other insights on Japanese M&amp;A please check the list of Japan-related Event-Driven insights here. As a reference to Japan M&amp;A rules and practices, please see the Quiddity Japan M&amp;A Guide 2019.  

Polatechno (4239 JP) TOB - Big Premium, Done Deal