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

Vedanta - Short Target Met for Tactical Bounce and Then Lower

Vedanta Limited - Caught in Economic Purgatory but Governance Hell?

Vedanta Vaulting Near 2020 Highs On Higher Commods, Higher Forecasts, But Open Offer Remote?

Vedanta Delisting Proposal/Offer Fails (We Think)

Vedanta - Someone Is Playing Silly Buggers But Even On The Last Day Investor Strategy Matters

Quiddity Advisors

Equity Bottom-Up

The <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> Delisting Reverse Book Build Auction failed on Friday 9 October as <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/172a3c4a-d43e-455e-ab32-24995981d75b.pdf" target="_blank" rel="noopener">confirmed</a> on the 10th. Most institutional investors got their shares back today and were able to sell. 
Today, the stock traded HUGE volume at 145mm shares on NSE and 8.8mm shares on BSE which was just a tough less than traded Friday the 9th (trading which if it hadn't happened might have resulted in the Offer having found a Discovered Price). 
There is a fair bit of data out there if you know where to look, and reading between the lines. This insight goes through a few of the ways to figure out from publicly available data what is going on.
Interestingly, the nature of the conclusions of this insight actually changed intraday. 
More below the fold.

The Vedanta Ltd (VEDL IN) Delisting Reverse Book Build Auction failed on Friday 9 October as confirmed on the 10th. Most institutional investors got their shares back today and were able to sell. 
Today, the stock traded HUGE volume at 145mm shares on NSE and 8.8mm shares on BSE which was just a tough less than traded Friday the 9th (trading which if it hadn't happened might have resulted in the Offer having found a Discovered Price). 
There is a fair bit of data out there if you know where to look, and reading between the lines. This insight goes through a few of the ways to figure out from publicly available data what is going on.
Interestingly, the nature of the conclusions of this insight actually changed intraday. 
More below the fold. 

VEDL Delisting Fail Day1 - Reading Between the Lines of the Trading Data