Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas (LYC AU)</a> tapped the market last year for $825mn, it was widely expected it had <a href="https://www.smartkarma.com/entities/viridis-mining-and-minerals-lt" target="_blank" data-smartkarma-citation="entities:40711:1" rel="noopener">Viridis Mining and Minerals (VMM AU)</a> or <a href="https://www.smartkarma.com/entities/meteoric-resources-nl" target="_blank" data-smartkarma-citation="entities:1747:1" rel="noopener">Meteoric Resources (MEI AU)</a> in mind. </li>
<li>As discussed in <a href="https://skr.ma/gF7Y8" target="_blank" rel="noopener">Meteoric Resources (MEI AU) Taps Market, As Washington Also Targets Brazil's Rare Earths</a>, Meteoric, one of a handful of Aussie-listed-plays developing Brazilian rare-earths, also tapped the market. </li>
<li>Now Lynas has made an all-scrip offer for Meteoric. Unanimous board support, plus largest shareholder. Lynas will also extend an interim loan facility. Possible implementation in March 2027. Clean deal.</li>
</ul>


After Lynas (LYC AU) tapped the market last year for $825mn, it was widely expected it had Viridis Mining and Minerals (VMM AU) or Meteoric Resources (MEI AU) in mind. 
As discussed in Meteoric Resources (MEI AU) Taps Market, As Washington Also Targets Brazil's Rare Earths, Meteoric, one of a handful of Aussie-listed-plays developing Brazilian rare-earths, also tapped the market. 
Now Lynas has made an all-scrip offer for Meteoric. Unanimous board support, plus largest shareholder. Lynas will also extend an interim loan facility. Possible implementation in March 2027. Clean deal.


Meteoric Resources (MEI AU): Lynas' Clean, And Widely Expected, Offer

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Tensions ratchet up between China and Japan over Taiwan comments</li>
<li>Signs of a turning point in the Chinese macro environment?</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Tensions ratchet up between China and Japan over Taiwan comments
Signs of a turning point in the Chinese macro environment?


Overview #45 - Sanctions, Metals, and Mergers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meteoric-resources-nl" target="_blank" data-smartkarma-citation="entities:1747:1" rel="noopener">Meteoric Resources Nl (MEI AU)</a> owns Brazil's Caldeira ionic clay project. It has agreed a scheme with <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a> at 0.0207 LYC shares per share, implying A$0.286.</li>
<li>The offer looks attractive. It values Meteoric at a premium to its closest listed peer, <a href="https://www.smartkarma.com/entities/viridis-mining-and-minerals-lt" target="_blank" data-smartkarma-citation="entities:40711:1" rel="noopener">Viridis Mining and Minerals Lt (VMM AU)</a>, and is above historical exchange ratios.</li>
<li>The vote looks low risk. No disinterested holder has a blocking stake, substantial shareholder Tolga Kumova supports the scheme, and the small retail base makes the headcount test low risk.</li>
</ul>



Meteoric Resources Nl (MEI AU) owns Brazil's Caldeira ionic clay project. It has agreed a scheme with Lynas Corp Ltd (LYC AU) at 0.0207 LYC shares per share, implying A$0.286.
The offer looks attractive. It values Meteoric at a premium to its closest listed peer, Viridis Mining and Minerals Lt (VMM AU), and is above historical exchange ratios.
The vote looks low risk. No disinterested holder has a blocking stake, substantial shareholder Tolga Kumova supports the scheme, and the small retail base makes the headcount test low risk.


Meteoric Resources (MEI AU): Lynas All-Scrip Offer, Scheme Vote Low Risk

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.


ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

<ul>
<li>A review of 2025 performance for the major asset classes and sectors we follow</li>
<li>An outline summary of our current 2026 investment  ideas and themes</li>
<li>We make some changes in the allocations between commodity sectors</li>
</ul>


A review of 2025 performance for the major asset classes and sectors we follow
An outline summary of our current 2026 investment  ideas and themes
We make some changes in the allocations between commodity sectors


Australia

Lynas Corporation Limited explores and mines for rare earth minerals such as cerium and neodymium.

Price Gauge
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Lynas Corp Ltd (LYC AU)

Meteoric Resources (MEI AU): Lynas' Clean, And Widely Expected, Offer

Clean deal. And trading tight (0.5% gross spread as I type). If you can take down borrow cheaply on Lynas, look to short it against Meteoric

David Blennerhassett

Overview #45 - Sanctions, Metals, and Mergers

A review of recent events/data impacting our investment themes and outlook. All clear ahead for many of our investment themes

Rikki Malik

Meteoric Resources (MEI AU): Lynas All-Scrip Offer, Scheme Vote Low Risk

Lynas' all-scrip bid for Meteoric (A$0.286, a 68.4% premium) values Caldeira at a premium to its closest listed peer. Vote risk is low: no blocking...

Arun George

ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.

Ke Yan, CFA, FRM

Major 2026 Investment Themes

A review of 2025 performance and current 2026 investment ideas, including some changes in our commodity sector allocations.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meteoric Resources (MEI AU): Lynas' Clean, And Widely Expected, Offer

Clean deal. And trading tight (0.5% gross spread as I type). If you can take down borrow cheaply on Lynas, look to short it against Meteoric

David Blennerhassett

Overview #45 - Sanctions, Metals, and Mergers

A review of recent events/data impacting our investment themes and outlook. All clear ahead for many of our investment themes

Rikki Malik

Meteoric Resources (MEI AU): Lynas All-Scrip Offer, Scheme Vote Low Risk

Lynas' all-scrip bid for Meteoric (A$0.286, a 68.4% premium) values Caldeira at a premium to its closest listed peer. Vote risk is low: no blocking...

Arun George

ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.

Ke Yan, CFA, FRM

Major 2026 Investment Themes

​A review of 2025 performance and current 2026 investment ideas, including some changes in our commodity sector allocations.

Rikki Malik

A review of 2025 performance and current 2026 investment ideas, including some changes in our commodity sector allocations.