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

SPH Update: Keppel, SPH REIT Chain Offer, and Cuscaden Strategy

Huat Ah! SPH Holders So Shiok, Keppel (So Kiasu!) Adds 20 Cents - Swee!

Huat Ah Redux! Cuscaden Revises Offer for SPH, SPH Deems It Superior

Singapore Press Own Time Own Target Restructuring Lor... (Come I Clap For You)

Alamak! SPH Restructuring Restructured as Keppel Bo Jios SPH Holders

SPH Shareholders Approve Spinoff - There's Still a Spread To Earn

Quiddity Advisors

Event-Driven

This morning the market got something of a surprise when an entity called Cuscaden Peak Pte. Limited showed up with an all-cash offer (Scheme of Arrangement) for <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> at S$2.10/share, which is just over the Total Combined Consideration (cash, <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a> units, <a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192:1" rel="noopener">Keppel REIT (KREIT SP)</a> units) of S$2.086/unit as of yesterday's close. 
Cuscaden Peak is a new entity, but it is not of unknown heritage. Ownership is 40% Singapore-listed Hotel Properties Ltd (led by tycoon Ong Beng Seng), 30% Capitaland parent company (Temasek-backed), and 30% Mapletree Investments - a S$66bn property owner and manager with four listed S-REITs and 6 private equity real estate funds (Mapletree is an independently-managed Temasek portfolio company). 
Right now this is a Proposed Acquisition. SPH itself has not entered into any agreement and the Proposed Acquisition would need SPH to finalise and accept terms of a Possible Scheme, Cuscaden and SPH entering definitive agreements, and other conditions.
This is a serious bidder. Ong Beng Seng saw lobang and brought in the others. Now one set of Temasek-backed companies just sabo'd another. This is kind of fun now. It bears watching. And as every good event person knows, if the stock goes higher on expectation of a higher bid because the bidders have room to bid higher, it is more likely to get a higher bid.

This morning the market got something of a surprise when an entity called Cuscaden Peak Pte. Limited showed up with an all-cash offer (Scheme of Arrangement) for Singapore Press Holdings (SPH SP) at S$2.10/share, which is just over the Total Combined Consideration (cash, SPH REIT (SPHREIT SP) units, Keppel REIT (KREIT SP) units) of S$2.086/unit as of yesterday's close. 
Cuscaden Peak is a new entity, but it is not of unknown heritage. Ownership is 40% Singapore-listed Hotel Properties Ltd (led by tycoon Ong Beng Seng), 30% Capitaland parent company (Temasek-backed), and 30% Mapletree Investments - a S$66bn property owner and manager with four listed S-REITs and 6 private equity real estate funds (Mapletree is an independently-managed Temasek portfolio company). 
Right now this is a Proposed Acquisition. SPH itself has not entered into any agreement and the Proposed Acquisition would need SPH to finalise and accept terms of a Possible Scheme, Cuscaden and SPH entering definitive agreements, and other conditions.
This is a serious bidder. Ong Beng Seng saw lobang and brought in the others. Now one set of Temasek-backed companies just sabo'd another. This is kind of fun now. It bears watching. And as every good event person knows, if the stock goes higher on expectation of a higher bid because the bidders have room to bid higher, it is more likely to get a higher bid.

SPH Lobang - Holders So Shiok, Bidders So Kiasu. This May Not Be The End.