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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> shareholders will vote on Palliser’s AGM resolution to conduct an independent review on whether the potential unification is in the best interests of shareholders. </li>
<li>Palliser and the Board’s arguments for and against unification focus on five factors: tax costs, post-unification share price, lack of scrip M&amp;A, wastage of franking credits, and shareholder support.</li>
<li>A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post-unification share price, M&amp;A, and franking credits.</li>
</ul>



Rio Tinto Ltd (RIO AU) shareholders will vote on Palliser’s AGM resolution to conduct an independent review on whether the potential unification is in the best interests of shareholders. 
Palliser and the Board’s arguments for and against unification focus on five factors: tax costs, post-unification share price, lack of scrip M&amp;A, wastage of franking credits, and shareholder support.
A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post-unification share price, M&amp;A, and franking credits.


Rio Tinto (RIO LN/RIO AU): Thinking About Unification

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

<ul><li>Last night, the price snapshot was taken for the JSE December rebalance. </li><li>OUT is expected to enter the Top 40 with NPH falling out.</li><li>No changes are expected for the FINI, FINDI, INDI or RESI. NPH was removed from the index series at the rebalance yesterday.</li></ul>

Last night, the price snapshot was taken for the JSE December rebalance. OUT is expected to enter the Top 40 with NPH falling out.No changes are expected for the FINI, FINDI, INDI or RESI. NPH was removed from the index series at the rebalance yesterday.

DMA | JSE Dec 24 Rebalance: OUT Expected to Enter Top 40, NPH to Exit

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Thematic (Sector/Industry)

<ul><li>Sapphire produced 27,000 tonnes of copper and 21,500 tonnes of zinc, similar to last quarter</li><li>Matzah saw a slight increase in copper equivalent production and maintained processing rate at 3.6 million tonnes per annum</li><li>Mateo had a planned shutdown and lower head grades, but net debt decreased by US $51 million to US 345 million, with group EBITDA of US 121 million for the quarter</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Sapphire produced 27,000 tonnes of copper and 21,500 tonnes of zinc, similar to last quarterMatzah saw a slight increase in copper equivalent production and maintained processing rate at 3.6 million tonnes per annumMateo had a planned shutdown and lower head grades, but net debt decreased by US $51 million to US 345 million, with group EBITDA of US 121 million for the quarterThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul>
<li>Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).</li>
<li>Turnover at the June rebalance was R58bn, 66% traded in the closing auction.</li>
<li>Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.</li>
</ul>


Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).
Turnover at the June rebalance was R58bn, 66% traded in the closing auction.
Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.


JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

<ul>
<li>On Friday in the closing auction, JSE indices will be rebalanced. PPH will enter the Top 40, with AMS falling out.</li>
<li>There are also a number of changes to the ALSI index – PHP &amp; PMR will be added, with THA &amp; TCP falling out.</li>
<li>Hedgers and passives tracking uncapped indices will be sellers of Naspers and Prosus whereas those tracking the capped variants will be buyers.</li>
</ul>


On Friday in the closing auction, JSE indices will be rebalanced. PPH will enter the Top 40, with AMS falling out.
There are also a number of changes to the ALSI index – PHP &amp; PMR will be added, with THA &amp; TCP falling out.
Hedgers and passives tracking uncapped indices will be sellers of Naspers and Prosus whereas those tracking the capped variants will be buyers.


JSE Sep24 Rebal: Foreign Inward Listings Amongst Top Sells, PPH to Enter Top 40, AMS to Be Deleted

South Africa

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese, and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American has mining operations in Africa, Europe, North and South America, Asia, and Australia.

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Anglo American (AGL SJ)

Rio Tinto (RIO LN/RIO AU): Thinking About Unification

A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post...

Arun George

DMA | JSE Dec 24 Rebalance: OUT Expected to Enter Top 40, NPH to Exit

Last night, the price snapshot was taken for the JSE December rebalance. OUT is expected to enter the Top 40 with NPH falling out.

DMA

Fire Sale for Anglo Coal Bidders

The company had consistent production levels for copper and zinc, with cost performance varying between Matsa and Matteo, as well as an overall...

Money of Mine

JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

A summary of trade analytics for the September rebalance. Foreign activity suggests a large buyer in MRP. PPH entered the Top 40, AMS fell out.

DMA

JSE Sep24 Rebal: Foreign Inward Listings Amongst Top Sells, PPH to Enter Top 40, AMS to Be Deleted

An overview of the top buys and sells going into the JSE September rebalance on Friday. AGL & CFR are amongst the top sells, resulting from a...

DMA

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