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

The End-November Japan Rebalances - How Much Is Priced In?

Surprising NTT Docomo Tender Result Accelerates Squeezeout, Great Re-Allocation, Nikkei 225 Change

The Great Docomo/TOPIX Reallocation Trade

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

After the close on the 27th of November, <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> announced that parent <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> had submitted a Demand for a Share Cash-Out on teh same day and the Board of Directors of NTT Docomo had gone through the motions to approve. There is a <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_04.pdf" target="_blank" rel="noopener">press release</a>, an <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_01.pdf" target="_blank" rel="noopener">Extraordinary Report</a>, the reference document of <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_03.pdf" target="_blank" rel="noopener">Prior Disclosure</a>, and the <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_02.pdf" target="_blank" rel="noopener">Public Notice of Approval</a>.  As noted in <a href="https://www.smartkarma.com/insights/ntt-docomo-delisting-nikkei-225-replacement-is-sharp-6753-with-a-surprise" target="_blank" data-smartkarma-citation="insights:45464" rel="noopener">NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise</a> and <a href="https://www.smartkarma.com/insights/the-great-docomo-topix-reallocation-trade" target="_blank" data-smartkarma-citation="insights:45531" rel="noopener">The Great Docomo/TOPIX Reallocation Trade</a>, this triggers a TSE Designation of Security to be Delisted. The last day of trading will be 24 December. The Delisting Date 25 December. The Acquisition Date 29 December, and consideration will be paid later (explained as follows):<blockquote>The Consideration will be delivered within a reasonable time after the Acquisition Date to each Selling Shareholder’s address entered or recorded in the Company’s latest shareholder registry on the day preceding the Acquisition Date, or to the place the Selling Shareholder notifies to the Company, and in accordance with the method used by the Company to deliver dividend assets.  </blockquote>The March dividend takes ~11 weeks between record date and delivery date. The Sep dividend took 57 days this year (just over 8 weeks). This of course, triggers the rest of the TOPIX deletion which did not happen with the down-weight on 27 November, similar to what was discussed in <a href="https://www.smartkarma.com/insights/the-end-november-japan-rebalances-how-much-is-priced-in" target="_blank" data-smartkarma-citation="insights:45583" rel="noopener">The End-November Japan Rebalances - How Much Is Priced In?</a> More below the fold.

After the close on the 27th of November, NTT Docomo Inc (9437 JP) announced that parent NTT (Nippon Telegraph &amp; Telephone) (9432 JP) had submitted a Demand for a Share Cash-Out on teh same day and the Board of Directors of NTT Docomo had gone through the motions to approve. There is a press release, an Extraordinary Report, the reference document of Prior Disclosure, and the Public Notice of Approval.  As noted in NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise and The Great Docomo/TOPIX Reallocation Trade, this triggers a TSE Designation of Security to be Delisted. The last day of trading will be 24 December. The Delisting Date 25 December. The Acquisition Date 29 December, and consideration will be paid later (explained as follows):The Consideration will be delivered within a reasonable time after the Acquisition Date to each Selling Shareholder’s address entered or recorded in the Company’s latest shareholder registry on the day preceding the Acquisition Date, or to the place the Selling Shareholder notifies to the Company, and in accordance with the method used by the Company to deliver dividend assets.  The March dividend takes ~11 weeks between record date and delivery date. The Sep dividend took 57 days this year (just over 8 weeks). This of course, triggers the rest of the TOPIX deletion which did not happen with the down-weight on 27 November, similar to what was discussed in The End-November Japan Rebalances - How Much Is Priced In? More below the fold. 

NTT (Nippon Telegraph & Telephone) (9432 JP)

NTT Docomo Inc

The Other Docomo Selldown and TOPIX Buy