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

Event-Driven

Australian homebuilder Devine Limited is up for sale.&nbsp;It has been for a while.The process started in June&nbsp;2014 as Mr. Marcelino Fernandez Verdez - the then-new CEO of Leighton Holdings (now known as CIMIC) and CEO of Hochtief AG - had just raised Hochtief's stake in Leighton from just under 60% to just under 70% through a partial offer, announced &nbsp;a new strategic focus on four core businesses (in line with what he had done with Hochtief earlier in the year), the possible sale of construction unit John Holland, and also its 50.6% stake in Devine Limited.A month later the board of Devine Limited decided to start a formal sale process for the whole company.&nbsp;Ten months later, at the end of May 2015, the board of Devine Limited announced that&nbsp;after almost a year, several parties doing due diligence, and receipt of one&nbsp;final non-binding, confidential proposal for cash that was subject to several conditions which were later not satisfied, the company was terminating its sale process.&nbsp;Things have&nbsp;gotten weirder since then. Now we have...1. &nbsp;a bid on the table by the majority owner CIMIC at A$0.75/share.&nbsp;2. &nbsp;two more potential acquirors at A$0.90/share who would need CIMIC's stake to complete.&nbsp;3. &nbsp;both higher bidders apparently being knocked back by CIMIC.The fun is just starting. I discuss the background and the bidding situation below the fold...Part II follows shortly.&nbsp;

Australian homebuilder Devine Limited is up for sale.&nbsp;It has been for a while.The process started in June&nbsp;2014 as Mr. Marcelino Fernandez Verdez - the then-new CEO of Leighton Holdings (now known as CIMIC) and CEO of Hochtief AG - had just raised Hochtief's stake in Leighton from just under 60% to just under 70% through a partial offer, announced &nbsp;a new strategic focus on four core businesses (in line with what he had done with Hochtief earlier in the year), the possible sale of construction unit John Holland, and also its 50.6% stake in Devine Limited.A month later the board of Devine Limited decided to start a formal sale process for the whole company.&nbsp;Ten months later, at the end of May 2015, the board of Devine Limited announced that&nbsp;after almost a year, several parties doing due diligence, and receipt of one&nbsp;final non-binding, confidential proposal for cash that was subject to several conditions which were later not satisfied, the company was terminating its sale process.&nbsp;Things have&nbsp;gotten weirder since then. Now we have...1. &nbsp;a bid on the table by the majority owner CIMIC at A$0.75/share.&nbsp;2. &nbsp;two more potential acquirors at A$0.90/share who would need CIMIC's stake to complete.&nbsp;3. &nbsp;both higher bidders apparently being knocked back by CIMIC.The fun is just starting. I discuss the background and the bidding situation below the fold...Part II follows shortly.&nbsp;

Devine Ltd

Simply Devine? Maybe (Part I)