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

Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight

Starwood Bumps Terms, Lowers Threshold on Invesco Office

Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things

Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT

Invesco Office J-REIT Responds to Starwood's Hostile Offer

Quiddity Advisors

Event-Driven

On 5 April, Starwood Capital Group announced a hostile (no prior consultation) Tender Offer on <a href="https://www.smartkarma.com/entities/invesco-office-j-reit-inc" target="_blank" data-smartkarma-citation="entities:7414:1" rel="noopener">Invesco Office J Reit (3298 JP)</a> - the first hostile tender offer for full control of a REIT in Japan. 
This was discussed in <a href="https://www.smartkarma.com/insights/starwood-targets-japan-s-first-hostile-reit-full-tob-for-invesco-office-j-reit" target="_blank" data-smartkarma-citation="insights:49976" rel="noopener">Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT</a> on 5 April and then <a href="https://www.smartkarma.com/insights/starwood-hostile-reit-tender-launched" target="_blank" data-smartkarma-citation="insights:50112" rel="noopener">Starwood Hostile REIT Tender Launched</a> on 8 April. 
As happens with hostile tender offers, the price of the units moved through terms, but only after a couple of days' delay, which was somewhat surprising. 
Shares are now trading 1.5% through terms when you include the dividend expected to be paid to unitholders as of the end of April 2021.
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On 15 April 2021, <a href="https://www.smartkarma.com/entities/invesco-office-j-reit-inc" target="_blank" data-smartkarma-citation="entities:7414:1" rel="noopener">Invesco Office J Reit (3298 JP)</a> brought out an official "Opinion Withheld" Opinion Statement pending answers to questions asked of Starwood. At the same time, the Investment Corporation "strongly requested" the Tender Offerors to extend the tender offer period to 60 business days - the maximum period stipulated under the Financial Instruments and Exchange Act - in order to enable it to hold a unitholders’ meeting prior to the expiration of the Tender Offer Period, "so that at a minimum, unitholders of the Investment Corporation will be able to make a decision as to whether to tender their investment units in the Tender Offer based on sufficient information and consideration without coercion."
<h3>The NEW News</h3>
Starwood responded yesterday, and this morning, Invesco Office J-REIT <a href="http://www.invesco-reit.co.jp/file/en-news-460815e73927011b7be01530800ed5dc164b115b.pdf" target="_blank" rel="noopener">announced</a> that Starwood Capital Group had rejected the request to extend the Tender Offer Period. 
This changes things somewhat. For both investors and for the players involved. 
More below the fold.

On 5 April, Starwood Capital Group announced a hostile (no prior consultation) Tender Offer on Invesco Office J Reit (3298 JP) - the first hostile tender offer for full control of a REIT in Japan. 
This was discussed in Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT on 5 April and then Starwood Hostile REIT Tender Launched on 8 April. 
As happens with hostile tender offers, the price of the units moved through terms, but only after a couple of days' delay, which was somewhat surprising. 
Shares are now trading 1.5% through terms when you include the dividend expected to be paid to unitholders as of the end of April 2021.




On 15 April 2021, Invesco Office J Reit (3298 JP) brought out an official "Opinion Withheld" Opinion Statement pending answers to questions asked of Starwood. At the same time, the Investment Corporation "strongly requested" the Tender Offerors to extend the tender offer period to 60 business days - the maximum period stipulated under the Financial Instruments and Exchange Act - in order to enable it to hold a unitholders’ meeting prior to the expiration of the Tender Offer Period, "so that at a minimum, unitholders of the Investment Corporation will be able to make a decision as to whether to tender their investment units in the Tender Offer based on sufficient information and consideration without coercion."
The NEW News
Starwood responded yesterday, and this morning, Invesco Office J-REIT announced that Starwood Capital Group had rejected the request to extend the Tender Offer Period. 
This changes things somewhat. For both investors and for the players involved. 
More below the fold. 

Ichigo Office REIT Investment Corporation (8975 JP)

Ichigo Office REIT Investment Corporation

Starwood Rejection of Extension Means Full Hostile Tender