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

TSE Prime: Japan's Corporate Governance Code Finalized So Boxes Will Be Furiously Ticked

Toshiba – Who Should Stay and Who Should Go

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

Toshiba's 2020 AGM Investigative Report Is Damning

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

After <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> released the damning <a href="https://www.toshiba.co.jp/about/ir/en/news/20210610_1.pdf" target="_blank" rel="noopener">Independent Investigative Report</a> (discussed in <a href="https://www.smartkarma.com/insights/toshiba-s-2020-agm-investigative-report-is-damning" target="_blank" data-smartkarma-citation="insights:52868" rel="noopener">Toshiba's 2020 AGM Investigative Report Is Damning</a>) Thursday, shares fell Friday 1.6% in what some described as "the highest trading volume since earnings a month ago" and which I saw as... meh?The report was a shocker. It was extraordinarily detailed, with comments from emails, messages, interviews, and comments about the reticence to talk, and faulty memory of a certain recently-departed ex-CEO of Toshiba. Noted also was that certain records appear to have been deliberately destroyed. The end conclusion was clear. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/796/original/Screenshot+2021-06-13+at+1.42.13+PM.png?1623562961" class="editor-image img-responsive" data-smartkarma-image-id="212796"></figure></section>This conclusion came after months of many lawyers and assistants delving into emails, messages, SMS, and conducting interviews with the major and secondary players. The details and conclusion are at odds with <a href="https://asia.nikkei.com/Business/Companies/Toshiba-colluded-with-government-against-investor-probe-finds" target="_blank" rel="noopener">METI official testimony</a> in a lower house committee meeting in May according to the Nikkei, and separate METI comments to the Nikkei, and previous and recent denials by PM Suga and former GPIF CIO Mizuno have to be seen to be in question. In the 26 May <a href="https://www.toshiba.co.jp/about/ir/en/stock/pdf/tsm182e_conv.pdf" target="_blank" rel="noopener">convocation</a> to the AGM scheduled to be held on 25 June, there is a slate of 13 directors proposed by the Company - 9 existing and 4 new.That slate is now clearly up for grabs as proxy advisors and even some foreign independent directors have come out against several on the list. There was an Emergency Board Meeting today at Toshiba to review the report and to discuss. The Board came out late this evening with a <a href="https://www.toshiba.co.jp/about/ir/en/news/20210613_1.pdf" target="_blank" rel="noopener">revised director slate</a>, and news of executive retirements. That may not go far enough. More below the fold.

After Toshiba Corp (6502 JP) released the damning Independent Investigative Report (discussed in Toshiba's 2020 AGM Investigative Report Is Damning) Thursday, shares fell Friday 1.6% in what some described as "the highest trading volume since earnings a month ago" and which I saw as... meh?The report was a shocker. It was extraordinarily detailed, with comments from emails, messages, interviews, and comments about the reticence to talk, and faulty memory of a certain recently-departed ex-CEO of Toshiba. Noted also was that certain records appear to have been deliberately destroyed. The end conclusion was clear. This conclusion came after months of many lawyers and assistants delving into emails, messages, SMS, and conducting interviews with the major and secondary players. The details and conclusion are at odds with METI official testimony in a lower house committee meeting in May according to the Nikkei, and separate METI comments to the Nikkei, and previous and recent denials by PM Suga and former GPIF CIO Mizuno have to be seen to be in question. In the 26 May convocation to the AGM scheduled to be held on 25 June, there is a slate of 13 directors proposed by the Company - 9 existing and 4 new.That slate is now clearly up for grabs as proxy advisors and even some foreign independent directors have come out against several on the list. There was an Emergency Board Meeting today at Toshiba to review the report and to discuss. The Board came out late this evening with a revised director slate, and news of executive retirements. That may not go far enough. More below the fold.

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