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

Starwood Bumps Invesco Office Price to Match But STILL Not a Done Deal

Invesco Real Estate Bumps Intended Tender Offer Price

Starwood Tender for Invesco Fails - Invesco Deal More Likely To Work But...

Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter

Starwood Bumps Terms, Lowers Threshold on Invesco Office

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

Quiddity Advisors

Event-Driven

<p>Starwood on Friday <strong><a href="https://29ee0acf-414a-4b9e-9199-c3d53f1732b6.filesusr.com/ugd/40de1d_2342941b032148f18a95a59af6e2c324.pdf" target="_blank" rel="noopener">responded</a></strong> to the proposed Tender Offer by Invesco Real Estate (Cayman) (hereafter "IRE") for <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> in a missive titled <em><strong>"Starwood Capital Group questions vague disclosure and low credibility of ‘intention’ to make counteroffer for Invesco Office JREIT."</strong></em></p><p><strong>Starwood had some other comments too.</strong></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/208/153/original/Screenshot+2021-05-22+at+8.35.14+PM.png?1621686982" class="editor-image img-responsive" data-smartkarma-image-id="208153"></figure><p></p></section><p>How does one interpret this? Is Starwood right? </p><p>The market Friday did not seem to think so. It went right through Starwood's bid and traded ~12% of shares out on a day where shares settled could not be tendered, setting up a likely extension by Starwood.</p><div><p>More below the fold. </p></div><hr><div><table class="table table-striped"><tbody>
<tr><td colspan="3" style="width: 723.2px;"><h3>The Insights to Date in the Starwood - Invesco Office REIT Tussle</h3></td></tr>
<tr>
<td style="width: 80.8px;"><strong>Date</strong></td>
<td style="width: 92px;"><strong>Direction</strong></td>
<td style="width: 508.8px;"><strong>Title</strong></td>
</tr>
<tr>
<td style="width: 80.8px;">5 Apr 2021</td>
<td style="width: 92px;">Bullish but...</td>
<td style="width: 508.8px;"><em><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></em></td>
</tr>
<tr>
<td style="width: 80.8px;">8 Apr 2021</td>
<td style="width: 92px;">Bearish but...</td>
<td style="width: 508.8px;"><em><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></em></td>
</tr>
<tr>
<td style="width: 80.8px;">15 Apr 2021</td>
<td style="width: 92px;">Bullish but...</td>
<td style="width: 508.8px;"><em><a href="https://www.smartkarma.com/insights/invesco-office-j-reit-responds-to-starwood-s-hostile-offer" target="_blank" data-smartkarma-citation="insights:50381" rel="noopener">Invesco Office J-REIT Responds to Starwood's Hostile Offer</a></em></td>
</tr>
<tr>
<td style="width: 80.8px;">23 Apr 2021</td>
<td style="width: 92px;">Bearish but...</td>
<td style="width: 508.8px;"><em><a href="https://www.smartkarma.com/insights/starwood-rejection-of-extension-means-full-hostile-tender" target="_blank" data-smartkarma-citation="insights:50641" rel="noopener">Starwood Rejection of Extension Means Full Hostile Tender</a></em></td>
</tr>
<tr>
<td style="width: 80.8px;">6 May 2021</td>
<td style="width: 92px;">Outright Bullish</td>
<td style="width: 508.8px;"><em><a href="https://www.smartkarma.com/insights/invesco-office-opposes-starwood-hostile-offer-and-gets-a-distinctly-beige-knight" target="_blank" data-smartkarma-citation="insights:51162" rel="noopener">Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight</a></em></td>
</tr>
<tr>
<td style="width: 80.8px;">11 May 2021</td>
<td style="width: 92px;">Outright Bearish</td>
<td style="width: 508.8px;"><em><a href="https://www.smartkarma.com/insights/starwood-bumps-terms-lowers-threshold-on-invesco-office" target="_blank" data-smartkarma-citation="insights:51302" rel="noopener">Starwood Bumps Terms, Lowers Threshold on Invesco Office</a></em></td>
</tr>
<tr>
<td style="width: 80.8px;">13 May 2021</td>
<td style="width: 92px;">Bullish</td>
<td style="width: 508.8px;"><em><a href="https://www.smartkarma.com/insights/invesco-office-s-terrible-horrible-no-good-very-bad-day-changes-things" target="_blank" data-smartkarma-citation="insights:51410" rel="noopener">Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things</a> </em></td>
</tr>
<tr>
<td style="width: 80.8px;">20 May 2021</td>
<td style="width: 92px;">Bullish</td>
<td style="width: 508.8px;"><em><a href="https://www.smartkarma.com/insights/invesco-office-s-beige-knight-deemed-dirty-gray-by-markets-suddenly-looks-brighter-and-whiter" target="_blank" data-smartkarma-citation="insights:51803" rel="noopener">Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter</a> </em></td>
</tr>
</tbody></table></div>

Starwood on Friday responded to the proposed Tender Offer by Invesco Real Estate (Cayman) (hereafter "IRE") for Invesco Office J Reit (3298 JP) in a missive titled "Starwood Capital Group questions vague disclosure and low credibility of ‘intention’ to make counteroffer for Invesco Office JREIT."Starwood had some other comments too.How does one interpret this? Is Starwood right? The market Friday did not seem to think so. It went right through Starwood's bid and traded ~12% of shares out on a day where shares settled could not be tendered, setting up a likely extension by Starwood.More below the fold. 
The Insights to Date in the Starwood - Invesco Office REIT Tussle

Date
Direction
Title


5 Apr 2021
Bullish but...
Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT


8 Apr 2021
Bearish but...
Starwood Hostile REIT Tender Launched


15 Apr 2021
Bullish but...
Invesco Office J-REIT Responds to Starwood's Hostile Offer


23 Apr 2021
Bearish but...
Starwood Rejection of Extension Means Full Hostile Tender


6 May 2021
Outright Bullish
Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight


11 May 2021
Outright Bearish
Starwood Bumps Terms, Lowers Threshold on Invesco Office


13 May 2021
Bullish
Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things 


20 May 2021
Bullish
Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter 



Starwood Responds to Invesco Office's White Knight Proposal