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

USEN/U-Next - THINKING About Things (Which Go Bumpity Bumpity?)

U-SEN TOB by U-NEXT - Cash Deal with Scrip Squeezeout

Quiddity Advisors

Event-Driven

The morning after the TOB by a subsidiary of <a href="https://www.smartkarma.com/entities/9637" target="_blank" data-smartkarma-citation="entities:9637:1">U-Next Co Ltd (9418 JP)</a> was announced, <a href="https://www.smartkarma.com/entities/19290" target="_blank" data-smartkarma-citation="entities:19290:1">USEN Corp (4842 JP)</a> soared 15% to just below the Tender Offer Price of ¥461/share. That was entirely expected.What happened next was perhaps less expected, and is not outrageously easy to get one's hands around.Details matter. Below I discuss...        USEN &amp; U-Next Share Prices       What Does the Tender Look Like A Priori?       A Table Of Possibilities In The Tender       Is There a Possibility of a Bump?       A…

The morning after the TOB by a subsidiary of U-Next Co Ltd (9418 JP) was announced, USEN Corp (4842 JP) soared 15% to just below the Tender Offer Price of ¥461/share. That was entirely expected.What happened next was perhaps less expected, and is not outrageously easy to get one's hands around.Details matter. Below I discuss...        USEN &amp; U-Next Share Prices       What Does the Tender Look Like A Priori?       A Table Of Possibilities In The Tender       Is There a Possibility of a Bump?       A…

USEN TOB Situation - Mechanics & Possibilities