Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Australian Strategic Materials / Event-Driven

<ul>
<li>Back on the 18th May 2026, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July. </li>
<li>Then a wobble. On the 15th June, with <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>'s share price down ~39% since making the Offer, the IE reiterated scrip terms were fair and reasonable. </li>
<li>Now the Scheme Meeting has been postponed to a "later date to be determined" to prepare supplementary disclosure, after Energy Fuels received a conditional $725mn financing commitment from the DoW.</li>
</ul>


Back on the 18th May 2026, Australian Strategic Materials (ASM AU)'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July. 
Then a wobble. On the 15th June, with Energy Fuels (UUUU US)'s share price down ~39% since making the Offer, the IE reiterated scrip terms were fair and reasonable. 
Now the Scheme Meeting has been postponed to a "later date to be determined" to prepare supplementary disclosure, after Energy Fuels received a conditional $725mn financing commitment from the DoW.


ASM (ASM AU) Delays Scheme Vote As Energy Fuels Secures Conditional Pentagon Funding

<ul>
<li>Back on the 21st Jan 2026, rare earth play <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a> ("ASM") entered into a Scheme with <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>. </li>
<li>Energy Fuels offered 0.053 new Energy Fuel shares PLUS an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed. Ian Gandal, ASM's largest shareholder, was supportive.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260518/pdf/06zplyjb1dl7hh.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July 2026. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


Back on the 21st Jan 2026, rare earth play Australian Strategic Materials (ASM AU) ("ASM") entered into a Scheme with Energy Fuels (UUUU US). 
Energy Fuels offered 0.053 new Energy Fuel shares PLUS an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed. Ian Gandal, ASM's largest shareholder, was supportive.

The Scheme Booklet is now out, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July 2026. The IE (BDO) says "fair &amp; reasonable".


Australian Strategic Materials (ASM AU): 22nd June Vote On Energy Fuel's Scheme

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>The <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a> IE considers <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>’ offer (A$0.13 cash and 0.053 UUUU shares per ASM share) fair and reasonable.</li>
<li>FIRB approval was received on 23 April. The key condition is ASM shareholder approval: approval by more than 75% of votes cast and by more than 50% of shareholders.</li>
<li>Helped by the large takeover premium, the scheme vote is low risk. At the last close and for a 7 July payment, the gross/annualised spread was 2.7%/20.0%.</li>
</ul>


The Australian Strategic Materials (ASM AU) IE considers Energy Fuels (UUUU US)’ offer (A$0.13 cash and 0.053 UUUU shares per ASM share) fair and reasonable.
FIRB approval was received on 23 April. The key condition is ASM shareholder approval: approval by more than 75% of votes cast and by more than 50% of shareholders.
Helped by the large takeover premium, the scheme vote is low risk. At the last close and for a 7 July payment, the gross/annualised spread was 2.7%/20.0%.


Australian Strategic Materials (ASM AU): Scheme Vote on 22 June

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a> has disclosed a binding proposal from <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a> at 0.053 UUUU shares per ASM share, plus an A$0.13 unfranked special dividend.</li>
<li>The implied offer value is A$1.60 based on UUUU’s 15-day VWAP on 16 January, a 121% premium to last close. At UUUU’s last close price, the offer is A$1.98.</li>
<li>Despite the huge takeover premium, the offer is arguably light, and the timing is opportunistic. Nevertheless, the scheme vote is low risk. </li>
</ul>



Australian Strategic Materials (ASM AU) has disclosed a binding proposal from Energy Fuels (UUUU US) at 0.053 UUUU shares per ASM share, plus an A$0.13 unfranked special dividend.
The implied offer value is A$1.60 based on UUUU’s 15-day VWAP on 16 January, a 121% premium to last close. At UUUU’s last close price, the offer is A$1.98.
Despite the huge takeover premium, the offer is arguably light, and the timing is opportunistic. Nevertheless, the scheme vote is low risk. 


Australian Strategic Materials (ASM AU): Energy Fuels’ High Premium Offer Is Opportunistically Timed

<ul>
<li>Rare earth play <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a> ("ASM") has <a href="https://announcements.asx.com.au/asxpdf/20260121/pdf/06vfw46hqw2dvv.pdf" target="_blank" rel="noopener">entered into an Offer by way of a Scheme</a> with <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>.</li>
<li>Energy Fuels, currently holding no shares in ASM, is offering 0.053 new Energy Fuel shares  plus an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed.</li>
<li>ASM's board unanimously supports terms including Ian Gandal (NEC, a 13.6% shareholder). Punchy premium should see this deal comfortably get up. FIRB signing off is a Scheme condition.</li>
</ul>


Rare earth play Australian Strategic Materials (ASM AU) ("ASM") has entered into an Offer by way of a Scheme with Energy Fuels (UUUU US).
Energy Fuels, currently holding no shares in ASM, is offering 0.053 new Energy Fuel shares  plus an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed.
ASM's board unanimously supports terms including Ian Gandal (NEC, a 13.6% shareholder). Punchy premium should see this deal comfortably get up. FIRB signing off is a Scheme condition.


Australian Strategic Materials (ASM AU) Enters Scheme With Energy Fuels (UUUU US)

Australia

Australian Strategic Materials Limited operates as a holding company. The Company, through its subsidiaries, focuses on producing specialty metals and oxides for advanced technologies. Australian Strategic Materials serves customers worldwide.

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Australian Strategic Materials (ASM AU)

ASM (ASM AU) Delays Scheme Vote As Energy Fuels Secures Conditional Pentagon Funding

A slightly less clean deal given timing risk. Trading wide. If illiquid arbs are your bag, depending on borrow cost, short Energy Fuels late in its...

David Blennerhassett