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

Australian Strategic Materials / Event-Driven

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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)

<ul>
<li>I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/albis-co-ltd" target="_blank" data-smartkarma-citation="entities:16344:1" rel="noopener">Albis Co Ltd (7475 JP)</a>, and <a href="https://www.smartkarma.com/entities/sharingtechnology-inc" target="_blank" data-smartkarma-citation="entities:26948:1" rel="noopener">Sharingtechnology Inc (3989 JP)</a>.</li>
<li>Key updates/news also took place on:<a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/zenith-minerals-ltd" target="_blank" data-smartkarma-citation="entities:3234:1" rel="noopener">Zenith Minerals (ZNC AU)</a>, and <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>.</li>
</ul>


I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were was discussed on Smartkarma this week: Ingenia Communities (INA AU), Albis Co Ltd (7475 JP), and Sharingtechnology Inc (3989 JP).
Key updates/news also took place on:Kakaku.com Inc (2371 JP), Zenith Minerals (ZNC AU), and Cygnus Metals (CY5 AU).


Asia-Pac Weekly Wrap: Kakaku, Ingenia Communities, Albis, Sharingtechnology, Cygnus Metals

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 4th (reported today). The aggregated short interest was USD51.0bn.</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 CAR, Cochlear, Predictive Discovery, Sonic Healthcare, Qantas Airways.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 4th (reported today). The aggregated short interest was USD51.0bn.
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 CAR, Cochlear, Predictive Discovery, Sonic Healthcare, Qantas Airways.


ASX Short Interest Weekly (Sep 4th): CAR, Cochlear, Predictive Discovery, Sonic Healthcare

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)