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

DHG Pharma (DHG VN) : Japan's Taisho Pharma To Lift Stake in Tender?

DHG Pharma (DHG VN) Public Tender Starts July 19

Quiddity Advisors

Event-Driven

After the close on 28 February 2019, <a href="https://www.smartkarma.com/entities/3774" target="_blank" data-smartkarma-citation="entities:3774:1">Taisho Pharmaceutical Holdings (4581 JP)</a><a href="https://www.taisho-holdings.co.jp/en/release/2019/2019022801-e.pdf" target="_blank">announced</a> it would launch another Tender Offer, this time to purchase up to 21.7% of the Vietnam-listed <a href="https://www.smartkarma.com/entities/21048" target="_blank" data-smartkarma-citation="entities:21048:1">DHG Pharmaceutical Jsc (DHG VN)</a> a.k.a. Duoc Hau Giang Pharmaceutical JSC.On 3 July 2018, the company <a href="http://www.dhgpharma.com.vn/images/thong-bao-co-dong/2018/35._DHG_-_Notification_of_foreign_ownership_limit.pdf" target="_blank">announced</a> that it had received approval from the State Securities Commission (SSC) to raise the foreign ownership limit to 100%, with official <a href="http://www.dhgpharma.com.vn/images/thong-bao-co-dong/2018/36._DHG_-_CBTT_ve_viec_dieu_chinh_ty_le_so_huu_cua_nha_dau_tu_nuoc_tai_DHG_len_100.pdf" target="_blank">disclosure</a> of it going into effect 4 July. Shortly afterwards, Taisho launched a Tender Offer to purchase 7.06% of the shares outstanding of DHG, with the intention to get to 32.00%. Taisho <a href="https://www.hsx.vn/Modules/Cms/Web/DownloadFile/23b13ffc-e19c-407f-950f-5832ca623545?ridx=1327519992" target="_blank">registered</a> to buy more shares last autumn, and <a href="https://www.hsx.vn/Modules/Cms/Web/DownloadFile/d61b3b4e-d378-48dd-8964-b0f86787c245?ridx=1606389774" target="_blank">bought</a> a further 925,200 shares on 20 February to bring their stake to 34.99%, and now they intend to move to 56.69%.This next one threatens a much higher minimum pro-ration, BUT it is at the same price as the last one, and while this is at a significant premium to a one-month or three-month average trading price, it is less than a 3.5% premium to Wednesday's close of VND 116,000/share.More below the fold.

After the close on 28 February 2019, Taisho Pharmaceutical Holdings (4581 JP)announced it would launch another Tender Offer, this time to purchase up to 21.7% of the Vietnam-listed DHG Pharmaceutical Jsc (DHG VN) a.k.a. Duoc Hau Giang Pharmaceutical JSC.On 3 July 2018, the company announced that it had received approval from the State Securities Commission (SSC) to raise the foreign ownership limit to 100%, with official disclosure of it going into effect 4 July. Shortly afterwards, Taisho launched a Tender Offer to purchase 7.06% of the shares outstanding of DHG, with the intention to get to 32.00%. Taisho registered to buy more shares last autumn, and bought a further 925,200 shares on 20 February to bring their stake to 34.99%, and now they intend to move to 56.69%.This next one threatens a much higher minimum pro-ration, BUT it is at the same price as the last one, and while this is at a significant premium to a one-month or three-month average trading price, it is less than a 3.5% premium to Wednesday's close of VND 116,000/share.More below the fold.

Taisho To Launch Another DHG Pharma Tender

Dhg Pharmaceutical Jsc

Taisho To Launch Another DHG Pharma Tender