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

Shinoken (8909) - Cheap Stock, Growth Lag, Governance Hiccup: "Gift" To Foundation Unlikely to Pass

Quiddity Advisors

Event-Driven

<ul>
<li>Today <a href="https://www.smartkarma.com/entities/shinoken-group-co-ltd" target="_blank" data-smartkarma-citation="entities:17040:1" rel="noopener">Shinoken Group (8909 JP)</a> announced it was the subject of an MBO where the CEO-founder invited Integral - a local PE fund - to help him restructure and grow.</li>
<li>It is at a 45% premium to last, and management negotiated the price from a relatively insulting initial bid of ¥1,300 to ¥1,600 in the end, but it's still light.</li>
<li>It is not hugely light, but it is not a full price. It could definitely be a bit higher. The question is whether active foreigners will push. </li>
</ul>


Today Shinoken Group (8909 JP) announced it was the subject of an MBO where the CEO-founder invited Integral - a local PE fund - to help him restructure and grow.
It is at a 45% premium to last, and management negotiated the price from a relatively insulting initial bid of ¥1,300 to ¥1,600 in the end, but it's still light.
It is not hugely light, but it is not a full price. It could definitely be a bit higher. The question is whether active foreigners will push. 


Shinoken (8909) MBO - Decent Premium, Still Light, Will Someone Push?