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

TIGER AIR: OPEC Shenanigans Give Tiger Air Deal a Boost in Value

Event-Driven

Singapore Air has launched a General Offer to take&nbsp;subsidiary TigerAir private.&nbsp;TigerAir, a low-cost carrier based out of Singapore (originally set up in 2003 by Singapore Air, Temasek, Indigo Partners and Tony Ryan's Irelandia Investments) expanded through out the Noughties, building partnerships and routes to Australia, India, and several SE Asian countries, and southern China. In the last year and a half, after losing substantial money since 2011 the company has been undergoing further restructuring.At what appears to be a time closer to the end of the restructuring than the beginning, Singapore Air is attempting to buy the 44.2% of the shares that it does not own for a premium of roughly 30% above any of the measures available regarding trading prices, and higher than any broker's target price.&nbsp;The price&nbsp;looks like a good deal for shareholders. The timing and possible synergies available from bringing Tiger fully in-house seem like a good deal for Singapore Air.&nbsp;Terms are S$0.41 per share of Tiger plus the option&nbsp;to acquire roll one's investment in TGR into shares&nbsp;of Singapore Air at S$11.1043/share, the option exercisable over a "15 Market Day" (i.e. three week) period starting at some point (at the current time undisclosed) after the Settlement of the Offer has taken place.&nbsp;Because it requires 22.6+% of existing minorities to block the deal, it looks like a relatively straightforward deal though there is some possibly interesting optionality to the deal.The history of the stock suggests however there could be&nbsp;Break or Bump Risk.&nbsp;Discussion of the deal and its terms below the fold.

Singapore Air has launched a General Offer to take&nbsp;subsidiary TigerAir private.&nbsp;TigerAir, a low-cost carrier based out of Singapore (originally set up in 2003 by Singapore Air, Temasek, Indigo Partners and Tony Ryan's Irelandia Investments) expanded through out the Noughties, building partnerships and routes to Australia, India, and several SE Asian countries, and southern China. In the last year and a half, after losing substantial money since 2011 the company has been undergoing further restructuring.At what appears to be a time closer to the end of the restructuring than the beginning, Singapore Air is attempting to buy the 44.2% of the shares that it does not own for a premium of roughly 30% above any of the measures available regarding trading prices, and higher than any broker's target price.&nbsp;The price&nbsp;looks like a good deal for shareholders. The timing and possible synergies available from bringing Tiger fully in-house seem like a good deal for Singapore Air.&nbsp;Terms are S$0.41 per share of Tiger plus the option&nbsp;to acquire roll one's investment in TGR into shares&nbsp;of Singapore Air at S$11.1043/share, the option exercisable over a "15 Market Day" (i.e. three week) period starting at some point (at the current time undisclosed) after the Settlement of the Offer has taken place.&nbsp;Because it requires 22.6+% of existing minorities to block the deal, it looks like a relatively straightforward deal though there is some possibly interesting optionality to the deal.The history of the stock suggests however there could be&nbsp;Break or Bump Risk.&nbsp;Discussion of the deal and its terms below the fold.

Tiger Air:  Looks Good At First Glance But There is Risk of Break or Bump

Tiger Airways Holdings

Tiger Air: Looks Good At First Glance But There is Risk of Break or Bump