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

Cardno Strategic Review And Target Statement - They Don't Go to Eleven

Crescent Lifts Proportion Offer Price, Cardno Board Gives Up (Badly)

Event-Driven

This morning brings the news that private equity firm Crescent Capital Partners has lobbed a bid for half&nbsp;the shares it does not own after its raid for 18.74% of the company in May of this year and a current voting stake of 19.6%.&nbsp;It proposes to buy one of every two shares owned by each of the minority investors at a price of A$3.15 a share, which is a 26% premium to Friday's close, a 31.1% premium to the 5-day average to Friday, a 23.9% premium to the VWAP post FY15 results period (19Aug-11Sep), a 33.5% premium to Cardno's closing price on the day before Cardno's response to press speculation related to Crescent's initial 10% stake (21 May).&nbsp;Crescent Capital proposed to cancel the dividend (which is currently quite high).&nbsp;The deal has just been <a href="http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&amp;asxCode=CDD&amp;timeframe=D&amp;period=W" target="_blank">announced</a>, and the Offer Closing Date is so far unknown. Cardno's <a href="http://www.cardno.com/Style%20Library/MediaCentre/ASX%20Announcements%202015/774_MR20150914_Take%20Over%20Bid%20Response_14%20Sept%202015.pdf" target="_blank">response</a>&nbsp;is that shareholders should take no action 'until they receive the Directors' formal recommendation on the Tender Offer'.&nbsp;&nbsp;There are a&nbsp;couple of interesting things here.More discussion below the fold...&nbsp;

This morning brings the news that private equity firm Crescent Capital Partners has lobbed a bid for half&nbsp;the shares it does not own after its raid for 18.74% of the company in May of this year and a current voting stake of 19.6%.&nbsp;It proposes to buy one of every two shares owned by each of the minority investors at a price of A$3.15 a share, which is a 26% premium to Friday's close, a 31.1% premium to the 5-day average to Friday, a 23.9% premium to the VWAP post FY15 results period (19Aug-11Sep), a 33.5% premium to Cardno's closing price on the day before Cardno's response to press speculation related to Crescent's initial 10% stake (21 May).&nbsp;Crescent Capital proposed to cancel the dividend (which is currently quite high).&nbsp;The deal has just been announced, and the Offer Closing Date is so far unknown. Cardno's response&nbsp;is that shareholders should take no action 'until they receive the Directors' formal recommendation on the Tender Offer'.&nbsp;&nbsp;There are a&nbsp;couple of interesting things here.More discussion below the fold...&nbsp;

QUICKNOTE:  Crescent bids for s-o-m-e of Cardno - This Looks Like a Buy Situation

Cardno Ltd

QUICKNOTE: Crescent bids for s-o-m-e of Cardno - This Looks Like a Buy Situation