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

Japan Crossholdings: Japan Exchange's Sale of SGX Shares Sets A Precedent - Watch Closely

Quiddity Advisors

Thematic (Sector/Industry)

Japan Consumer discretionary / Thematic (Sector/Industry)

Yesterday after the close, <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> announced that <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> had approached Olympus saying it wished to sell its 68,975,800 shares (5.05% of shares out) in Olympus. One can argue about timing, but this is an...<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/097/484/original/Screenshot%202019-08-30%20at%201.56.35%20AM.png?1567101427" class="editor-image img-responsive" data-smartkarma-image-id="97484"></figure>Olympus responded by saying that it would by buy back up to 85,000,000 shares in a ToSTNeT-3 buyback this morning between 8:00-8:45am local time (7:00:7:45pm US E.S.T., 7:00-7:45am Hong Kong Time) at yesterday's close of ¥1,165/share. This is a pretty good response by Olympus.Discussion of process, liquidity provision, possible reaction, and implications below.

Yesterday after the close, Olympus Corp (7733 JP) announced that Sony Corp (6758 JP) had approached Olympus saying it wished to sell its 68,975,800 shares (5.05% of shares out) in Olympus. One can argue about timing, but this is an...Olympus responded by saying that it would by buy back up to 85,000,000 shares in a ToSTNeT-3 buyback this morning between 8:00-8:45am local time (7:00:7:45pm US E.S.T., 7:00-7:45am Hong Kong Time) at yesterday's close of ¥1,165/share. This is a pretty good response by Olympus.Discussion of process, liquidity provision, possible reaction, and implications below.

NTT (Nippon Telegraph & Telephone) (9432 JP)

SONY's Good Governance Sale: The OLYMPUS (7733) ToSTNeT-3 Buyback