IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" target="_blank" data-smartkarma-citation="entities:27977:1" rel="noopener">Sociedad Quimica y Minera de Chile (SQM US)</a> at A$3.52 per share, a 44.3% premium to the undisturbed price.</li>
<li>To avoid a repeat of the <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a>/<a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> situation, if the scheme fails or is terminated, SQM will launch an off-market takeover offer at A$3.50.</li>
<li>Gina Rinehart is rumoured to have built a 14.5% stake, suggesting the final offer is an off-market takeover. The offer is conditional on FIRB approval. </li>
</ul>



Azure Minerals (AZS AU) has entered a scheme implementation deed with Sociedad Quimica y Minera de Chile (SQM US) at A$3.52 per share, a 44.3% premium to the undisturbed price.
To avoid a repeat of the Albemarle Corp (ALB US)/Liontown Resources (LTR AU) situation, if the scheme fails or is terminated, SQM will launch an off-market takeover offer at A$3.50.
Gina Rinehart is rumoured to have built a 14.5% stake, suggesting the final offer is an off-market takeover. The offer is conditional on FIRB approval. 


Azure Minerals (AZS AU): SQM’s Rinehart-Proof Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>When lithium mining play <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> was halted this week "regarding a potential change of control transaction", <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-c" target="_blank" data-smartkarma-citation="entities:24555:1" rel="noopener">Sociedad Quimica y Minera (SQM/B CI)</a> was the obvious suitor.</li>
<li>This was confirmed this morning with a A$3.52/share Offer, a 44.3% premium to undisturbed, by way of a Scheme. A concurrent conditional off-market takeover at A$3.50/share is also present. </li>
<li>$3.50 is locked in, no matter what. Gina may take her stake up to 19.9%, but it won't affect the A$3.50 floor. But it may kickstart a competitive bidding situation. </li>
</ul>


When lithium mining play Azure Minerals (AZS AU) was halted this week "regarding a potential change of control transaction", Sociedad Quimica y Minera (SQM/B CI) was the obvious suitor.
This was confirmed this morning with a A$3.52/share Offer, a 44.3% premium to undisturbed, by way of a Scheme. A concurrent conditional off-market takeover at A$3.50/share is also present. 
$3.50 is locked in, no matter what. Gina may take her stake up to 19.9%, but it won't affect the A$3.50 floor. But it may kickstart a competitive bidding situation. 


Gina Can't "Liontown" SQM's Bid For Azure

<ul>
<li>Lithium mining play <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> went into a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02728538-6A1175570?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">trading halt</a> Monday (23 October) "regarding a potential change of control transaction". That halt has been extended to <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02729716-6A1176088?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Friday morning</a>. </li>
<li>The obvious suitor is <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-c" target="_blank" data-smartkarma-citation="entities:24555:1" rel="noopener">Sociedad Quimica y Minera de C (SQM/B CI)</a> with 19.9%, who approached Azure with a $2.31/share Offer in August but was <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02697432-6A1163203?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">rejected</a>.</li>
<li>Mark Creasy, a major shareholder in Azure and also a direct stakeholder in Azure's flagship mine, is the key. Should a firm Offer unfold, expect a chunky premium. </li>
</ul>


Lithium mining play Azure Minerals (AZS AU) went into a trading halt Monday (23 October) "regarding a potential change of control transaction". That halt has been extended to Friday morning. 
The obvious suitor is Sociedad Quimica y Minera de C (SQM/B CI) with 19.9%, who approached Azure with a $2.31/share Offer in August but was rejected.
Mark Creasy, a major shareholder in Azure and also a direct stakeholder in Azure's flagship mine, is the key. Should a firm Offer unfold, expect a chunky premium. 


Australia

Azure Minerals Limited is a mineral exploration company. The Company is developing mineral mining projects located in Sierra Madre Occidental mining province in northern and central Mexico.

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Azure Minerals (AZS AU)