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

Sawada - Upsilon Gets Its Stake And Still We Wait

Sawada (8699 JP) Sells A Big Asset at > 2.5x Book; Now New Directors and New Advisory Board

Sawada/HS (8699) - A NON-Salutary Development

Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality

Be Careful of Expectations on Sawada (8699)

Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now

Quiddity Advisors

Event-Driven

<h2>It's OFF. </h2>On Friday 2 July, Upsilon Investment Partnership announced that because of the delay of receiving approval from the Bank of Mongolia, and the lack of communication (only administrative emails so far and no response since the document dated 29 January 2021), it deemed it appropriate to end the Tender Offer process.The <a href="https://disclosure.edinet-fsa.go.jp/E01EW/BLMainController.jsp?uji.verb=W00Z1020initialize&amp;uji.bean=ek.bean.EKW00Z1020Bean&amp;TID=W00Z1020&amp;PID=W1E63041&amp;SESSIONKEY=1625288042489&amp;lgKbn=2&amp;dflg=0&amp;iflg=null&amp;row=100&amp;idx=0&amp;str=&amp;kbn=1&amp;flg=&amp;syoruiKanriNo=S100LX4G" target="_blank" rel="noopener">announcement</a> is tediously long. But it indicates that somewhat strangely, it decided not to withdraw the Tender Offer (my understanding is that the lack of Central Bank of Mongolia approval would constitute a legitimate excuse for withdrawal under the FIEA) but instead arrange with shareholders who had previously agreed to tender to have them not tender, hoping that the Tender Offer  would not go through. Both the Tender Offeror and the Company (Sawada) now implore shareholders to not tender. There are agreements in place to not tender to the tune of 44.69%. This is not a "blocking stake" but it is significant. <h2>And It's ON. </h2>The other news this week is that Khan Bank has applied with the Central Bank of Mongolia and the Financial Supervisory Commission to list its shares. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/216/613/original/Screenshot+2021-07-03+at+12.48.08+PM.png?1625287863" class="editor-image img-responsive" data-smartkarma-image-id="216613"></figure></section>The application was made under the auspices of the Amended Banking Law which requires the top 5 banks in Mongolia to list their shares by 30 June 2022. This is the beginning of the next step. But first we have to get past the end of the previous step. And there is some gamesmanship involved.<hr>The history of insights on the Sawada Tender Offer situation is below.    <a href="https://www.smartkarma.com/insights/sawada-holdings-partial-tender-an-odd-duck" target="_blank" data-smartkarma-citation="insights:36802" rel="noopener">Sawada Holdings Partial Tender - An Odd Duck</a>     <a href="https://www.smartkarma.com/insights/sawada-holdings-partial-offer-arb-grids-pro-ration" target="_blank" data-smartkarma-citation="insights:37141" rel="noopener">Sawada Holdings Partial Offer - Arb Grids &amp; Pro-Ration</a>     <a href="https://www.smartkarma.com/insights/sawada-withholds-opinion-on-tob-mongolia-deal-risk-may-exist" target="_blank" data-smartkarma-citation="insights:36959" rel="noopener">Sawada Withholds Opinion on TOB - Mongolia Deal Risk May Exist</a>     <a href="https://www.smartkarma.com/insights/sawada-withholds-opinion-on-tob-mongolia-deal-risk-may-exist" target="_blank" data-smartkarma-citation="insights:36959" rel="noopener">Sawada Withholds Opinion on TOB - Mongolia Deal Risk May Exist</a>     <a href="https://www.smartkarma.com/insights/sawada-holdings-tender-holding-pattern" target="_blank" data-smartkarma-citation="insights:37764" rel="noopener">Sawada Holdings Tender Holding Pattern</a>     <a href="https://www.smartkarma.com/insights/sawada-holdings-partial-offer-update-it-s-a-buy-here" target="_blank" data-smartkarma-citation="insights:37345" rel="noopener">Sawada Holdings Partial Offer Update - It's a Buy Here</a>     <a href="https://www.smartkarma.com/insights/sawada-holdings-8699-partial-tender-delayed-again-13th-time-a-charm" target="_blank" data-smartkarma-citation="insights:42124" rel="noopener">Sawada Holdings (8699) Partial Tender. Delayed Again. 13th Time a Charm?</a>     <a href="https://www.smartkarma.com/insights/sawada-holdings-still-a-long-but" target="_blank" data-smartkarma-citation="insights:43548" rel="noopener">Sawada Holdings - Still A Long But...</a>     <a href="https://www.smartkarma.com/insights/sawada-holdings-change-of-paradigm-means-opportunity" target="_blank" data-smartkarma-citation="insights:47739" rel="noopener">Sawada Holdings - Change of Paradigm Means Opportunity</a>     <a href="https://www.smartkarma.com/insights/sawada-8699-jp-stuck-between-mongolian-central-bank-idealism-and-reality" target="_blank" data-smartkarma-citation="insights:48921" rel="noopener">Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality</a>     <a href="https://www.smartkarma.com/insights/sawada-gets-some-good-news-expect-a-selldown" target="_blank" data-smartkarma-citation="insights:50551" rel="noopener">Sawada Gets Some Good News - Expect a Selldown</a>     <a href="https://www.smartkarma.com/insights/sawada-selldown-may-be-done-now-on-to-earnings" target="_blank" data-smartkarma-citation="insights:50721" rel="noopener">Sawada Selldown May Be Done - Now On To Earnings</a>     <a href="https://www.smartkarma.com/insights/sawada-selldown-was-not-done-shareholder-structure-looks-different-now" target="_blank" data-smartkarma-citation="insights:51240" rel="noopener">Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now</a>     <a href="https://www.smartkarma.com/insights/sawada-is-a-different-stock-now" target="_blank" data-smartkarma-citation="insights:51901" rel="noopener">Sawada Is A Different Stock Now</a>     <a href="https://www.smartkarma.com/insights/be-careful-of-expectations-on-sawada-8699" target="_blank" data-smartkarma-citation="insights:52303" rel="noopener">Be Careful of Expectations on Sawada (8699)</a>

It's OFF. On Friday 2 July, Upsilon Investment Partnership announced that because of the delay of receiving approval from the Bank of Mongolia, and the lack of communication (only administrative emails so far and no response since the document dated 29 January 2021), it deemed it appropriate to end the Tender Offer process.The announcement is tediously long. But it indicates that somewhat strangely, it decided not to withdraw the Tender Offer (my understanding is that the lack of Central Bank of Mongolia approval would constitute a legitimate excuse for withdrawal under the FIEA) but instead arrange with shareholders who had previously agreed to tender to have them not tender, hoping that the Tender Offer  would not go through. Both the Tender Offeror and the Company (Sawada) now implore shareholders to not tender. There are agreements in place to not tender to the tune of 44.69%. This is not a "blocking stake" but it is significant. And It's ON. The other news this week is that Khan Bank has applied with the Central Bank of Mongolia and the Financial Supervisory Commission to list its shares. The application was made under the auspices of the Amended Banking Law which requires the top 5 banks in Mongolia to list their shares by 30 June 2022. This is the beginning of the next step. But first we have to get past the end of the previous step. And there is some gamesmanship involved.The history of insights on the Sawada Tender Offer situation is below.    Sawada Holdings Partial Tender - An Odd Duck     Sawada Holdings Partial Offer - Arb Grids &amp; Pro-Ration     Sawada Withholds Opinion on TOB - Mongolia Deal Risk May Exist     Sawada Withholds Opinion on TOB - Mongolia Deal Risk May Exist     Sawada Holdings Tender Holding Pattern     Sawada Holdings Partial Offer Update - It's a Buy Here     Sawada Holdings (8699) Partial Tender. Delayed Again. 13th Time a Charm?     Sawada Holdings - Still A Long But...     Sawada Holdings - Change of Paradigm Means Opportunity     Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality     Sawada Gets Some Good News - Expect a Selldown     Sawada Selldown May Be Done - Now On To Earnings     Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now     Sawada Is A Different Stock Now     Be Careful of Expectations on Sawada (8699) 

Sawada (8699) - Upsilon To End Its Tender, and Khan Bank Applies to List

HS Holdings

Sawada (8699) - Upsilon To End Its Tender, and Khan Bank Applies to List