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

Toshiba Shareholder Return - A Little of This, A Little of That, But Sticky and Accretive

With Directors Under Fire, Toshiba Axes Two, May Need Another EGM

Toshiba - The CEO Gets His MBO Bidder and Toshiba Will Get Interestinger

CVC Suspending Its Bid Is Just That - The Cat Is Still Out Of the Bag

How Much of Toshiba Is Owned By "Activists"?

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

<p>On Friday 14 May, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> announced...</p><ol>
<li>full-year results (<a href="https://www.toshiba.co.jp/about/ir/en/finance/er/er2020/q4/ter2020q4e.pdf" target="_blank" rel="noopener">release</a>, <a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2020q4e.pdf" target="_blank" rel="noopener">presentation</a>) to March 2021,</li>
<li>forecasts to March 2022 (in the previous two links),</li>
<li>a <a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2020q4e_2.pdf" target="_blank" rel="noopener">presentation</a> on management policy in the next Mid-Term Plan, which is due to be announced in October 2021</li>
<li>that the Board had <a href="https://www.toshiba.co.jp/about/ir/en/news/20210514_3.pdf" target="_blank" rel="noopener">resolved to establish a Strategic Review Committee</a> using UBS as financial advisor to... <ul>
<li>Engage in dialogue to listen to the opinions of shareholders, other stakeholders and outside experts;</li>
<li>Verify management's proposals on business and financial strategy while taking into due consideration the information gathered;</li>
<li>Make recommendations to the Board regarding the Company's business and financial strategy based on the Committee's conclusions;</li>
<li>Explain the resulting Board resolutions to shareholders. <div><div><div></div></div></div>
</li>
</ul>
</li>
<li>
<a href="https://www.toshiba.co.jp/about/ir/en/news/20210514_2.pdf" target="_blank" rel="noopener">four new directors</a> to replace two outgoing directors, with 3 of the four new directors being "outside directors". As previously discussed in these pages, Yoshiaki Fujimori who was at CDC with Kurumatani-san has resigned as a director. Yuki Furuta has resigned as well. </li>
<li>a ¥70/share <a href="https://www.toshiba.co.jp/about/ir/en/news/20210514_1.pdf" target="_blank" rel="noopener">dividend</a> for the year ending 31 March 2021. </li>
<li>¥150bn of <a href="https://www.toshiba.co.jp/about/ir/en/news/20210514_1.pdf" target="_blank" rel="noopener">"additional shareholder return"</a> of unspecified return method, with details to be announced in early June. </li>
</ol><p><em>Separately, there was a report later Friday that sub <a href="https://www.smartkarma.com/entities/toshiba-tec-corp" target="_blank" data-smartkarma-citation="entities:17697:1" rel="noopener">Toshiba Tec (6588 JP)</a> got hit by a ransomware attack by DarkSide - the same group which hit the Colonial pipeline.</em></p><p>There is a little bit for everyone, except for people who were hoping that earnings and forecasts would be better than expected. </p><p>But there is a lot to parse. </p>

On Friday 14 May, Toshiba Corp (6502 JP) announced...
full-year results (release, presentation) to March 2021,
forecasts to March 2022 (in the previous two links),
a presentation on management policy in the next Mid-Term Plan, which is due to be announced in October 2021
that the Board had resolved to establish a Strategic Review Committee using UBS as financial advisor to... 
Engage in dialogue to listen to the opinions of shareholders, other stakeholders and outside experts;
Verify management's proposals on business and financial strategy while taking into due consideration the information gathered;
Make recommendations to the Board regarding the Company's business and financial strategy based on the Committee's conclusions;
Explain the resulting Board resolutions to shareholders. 




four new directors to replace two outgoing directors, with 3 of the four new directors being "outside directors". As previously discussed in these pages, Yoshiaki Fujimori who was at CDC with Kurumatani-san has resigned as a director. Yuki Furuta has resigned as well. 
a ¥70/share dividend for the year ending 31 March 2021. 
¥150bn of "additional shareholder return" of unspecified return method, with details to be announced in early June. 
Separately, there was a report later Friday that sub Toshiba Tec (6588 JP) got hit by a ransomware attack by DarkSide - the same group which hit the Colonial pipeline.There is a little bit for everyone, except for people who were hoping that earnings and forecasts would be better than expected. But there is a lot to parse. 

Toshiba Results & Shareholder Return - Possibly Big Impact Buyback Coming