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 Real Estate Deal for Invesco Office (3298) Successful - Now For the Aftermath

Invesco Office Index Deletion Monday 30 Aug

Invesco Office - Last Index Deletion and Residual Arb

Starwood Responds to Invesco Office's White Knight Proposal

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

Invesco Real Estate Bumps Intended Tender Offer Price

Quiddity Advisors

Event-Driven

Yesterday, investors were on tenterhooks waiting and wondering about a possible extension to Starwood's Tender Offer 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>. I fully expected them to extend - it cost them nothing to do do so.But they did not extend, or bump the price in face of Invesco Real Estate's announcement last week (and update Monday) that they were almost ready to launch, almost had funding lined up, and would likely launch on the 18th of June and bid ¥22,750/share. Today we get the <a href="https://disclosure.edinet-fsa.go.jp/E01EW/download?uji.verb=W0EZA104CXP001003Action&amp;uji.bean=ee.bean.parent.EECommonSearchBean&amp;PID=W1E63011&amp;SESSIONKEY=1623818403374&amp;lgKbn=2&amp;pkbn=0&amp;skbn=1&amp;dskb=&amp;askb=&amp;dflg=0&amp;iflg=&amp;preId=1&amp;mul=%E3%82%A4%E3%83%B3%E3%83%99%E3%82%B9%E3%82%B3%E3%83%BB%E3%82%AA%E3%83%95%E3%82%A3%E3%82%B9%E3%83%BB%E3%82%B8%E3%82%A7%E3%82%A4%E3%83%AA%E3%83%BC%E3%83%88%E6%8A%95%E8%B3%87%E6%B3%95%E4%BA%BA&amp;fls=on&amp;lpr=on&amp;oth=on&amp;cal=1&amp;era=R&amp;yer=&amp;mon=&amp;pfs=4&amp;row=100&amp;idx=0&amp;str=&amp;kbn=1&amp;flg=&amp;syoruiKanriNo=&amp;s=S100LJC1" target="_blank" rel="noopener">result</a>. Invesco needed 50.00% + 1 share. They already owned ~6% so needed 44+% to get them over the minimum hurdle. They got 348,378 units, which was just under 4.0%. That was obviously a sign to them they weren't going to win this on the "merits" of having the only live deal on the table given the manifest disadvantage of having a "weak" tender agent and a hostile target (not to mention other disadvantages). Now shares are trading ¥22,500-22,550 against the ¥22,750 <a href="http://www.invesco-reit.co.jp/file/en-news-89f7f6ba4c808fa14a2d471b984b28359dccfc08.pdf" target="_blank" rel="noopener">deal</a> scheduled to be launched Friday and go for 26 business days (until 27 July?) when they were trading ¥22,700 this morning. The Invesco deal should be an easier sell to investors and traders. But.... There's always more below the fold.

Yesterday, investors were on tenterhooks waiting and wondering about a possible extension to Starwood's Tender Offer for Invesco Office J Reit (3298 JP). I fully expected them to extend - it cost them nothing to do do so.But they did not extend, or bump the price in face of Invesco Real Estate's announcement last week (and update Monday) that they were almost ready to launch, almost had funding lined up, and would likely launch on the 18th of June and bid ¥22,750/share. Today we get the result. Invesco needed 50.00% + 1 share. They already owned ~6% so needed 44+% to get them over the minimum hurdle. They got 348,378 units, which was just under 4.0%. That was obviously a sign to them they weren't going to win this on the "merits" of having the only live deal on the table given the manifest disadvantage of having a "weak" tender agent and a hostile target (not to mention other disadvantages). Now shares are trading ¥22,500-22,550 against the ¥22,750 deal scheduled to be launched Friday and go for 26 business days (until 27 July?) when they were trading ¥22,700 this morning. The Invesco deal should be an easier sell to investors and traders. But.... There's always more below the fold.

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