Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Kinterra has now firmed an off-market Offer for at A$0.057/share for copper-play <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>. There is no minimum acceptance condition.</li>
<li>Kinterra's Bidder's Statement will be dispatched no later than the 10th July, at which time the Offer will open.  A Target statement is expected 15 days later.</li>
<li>
<a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> has matchng rights. Expect those rights to be used.  </li>
</ul>


Kinterra has now firmed an off-market Offer for at A$0.057/share for copper-play New World Resources (NWC AU). There is no minimum acceptance condition.
Kinterra's Bidder's Statement will be dispatched no later than the 10th July, at which time the Offer will open.  A Target statement is expected 15 days later.

Central Asia Metals (CAML LN) has matchng rights. Expect those rights to be used.  


New World Resources (NWC AU): Kinterra Firms A$0.057/Share Off-Market Offer

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/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a> is subject to a bidding war between <a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> and Kinterra. CAML’s binding offer is A$0.055 while Kinterra’s non-binding offer is A$0.057. </li>
<li>At current terms, a binding Kinterra offer would be superior as the price increase more than offsets the reverse break fees and does not require regulatory approvals.</li>
<li>Despite Kinterra’s offer representing a 103.6% premium to the undisturbed price, there remains headroom for a bidding war. </li>
</ul>



New World Resources (NWC AU) is subject to a bidding war between Central Asia Metals (CAML LN) and Kinterra. CAML’s binding offer is A$0.055 while Kinterra’s non-binding offer is A$0.057. 
At current terms, a binding Kinterra offer would be superior as the price increase more than offsets the reverse break fees and does not require regulatory approvals.
Despite Kinterra’s offer representing a 103.6% premium to the undisturbed price, there remains headroom for a bidding war. 


New World Resources (NWC AU): A Brewing Bidding War

<ul>
<li>It was just a matter of time when Toronto-based PE outfit Kinterra Capital, with a (then) 11.99% stake, made a move on copper miner <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>.</li>
<li>After declaring  it had increased its holding to 19.126%, Kinterra followed with an off-market NBIO at A$0.057/share. Presumably the Offer requires due diligence but the announcement is silent on this.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> announced after market last Friday, it had bought 178.8mn shares (5% of shares out) at A$0.055/share; and subsequently bumped terms to A$0.055/share. </li>
</ul>


It was just a matter of time when Toronto-based PE outfit Kinterra Capital, with a (then) 11.99% stake, made a move on copper miner New World Resources (NWC AU).
After declaring  it had increased its holding to 19.126%, Kinterra followed with an off-market NBIO at A$0.057/share. Presumably the Offer requires due diligence but the announcement is silent on this.
Separately, Central Asia Metals (CAML LN) announced after market last Friday, it had bought 178.8mn shares (5% of shares out) at A$0.055/share; and subsequently bumped terms to A$0.055/share. 


New World Resources (NWC AU): On Kinterra's A$0.057/Share NBIO

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.

Equity Bottom-Up

<ul><li>New World receives an amended deal from CAML for 5.3 cents a share, with a $10 million placement to Camel at the same price.</li><li>Kinterra Capital, who holds a 12% stake in New World, is unhappy with the placement and requests an urgent order to prevent it.</li><li>The placement is conditional on New World not receiving a superior proposal from a third party in the next 14 days, which incentivizes Kinterra to make a takeover bid within that timeframe.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

New World receives an amended deal from CAML for 5.3 cents a share, with a $10 million placement to Camel at the same price.Kinterra Capital, who holds a 12% stake in New World, is unhappy with the placement and requests an urgent order to prevent it.The placement is conditional on New World not receiving a superior proposal from a third party in the next 14 days, which incentivizes Kinterra to make a takeover bid within that timeframe.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial (2887 TT)</a> is cheap to peers. <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial (2888 TT)</a> is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.</li>
<li>Abu Dhabi makes a big, bold bet on <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>. However FIRB will have the last word on whether the deal goes through. </li>
<li>If the results show NTT owns &gt;80% of <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data (9613 JP)</a>, buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore. </li>
</ul>



Taishin Financial (2887 TT) is cheap to peers. Shin Kong Financial (2888 TT) is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.
Abu Dhabi makes a big, bold bet on Santos Ltd (STO AU). However FIRB will have the last word on whether the deal goes through. 
If the results show NTT owns &gt;80% of NTT Data (9613 JP), buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore. 


Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima

United Kingdom

Central Asia Metals is a base metals producer, primarily producing copper, zinc, silver, and lead minerals. The company operates the Kounrad solvent extraction-electrowinning copper operation in central Kazakhstan and the Sasa zinc-lead mine in North Macedonia. Central Asia Metals Plc was incorporated in 2005 and is headquartered in London, United Kingdom.

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Central Asia Metals (CAML LN)

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New World Resources (NWC AU): Kinterra Firms A$0.057/Share Off-Market Offer

CAML will likely match Kinterra's terms. But CAML's share price is under pressure as this competitive bidding situation heats up. I believe...

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CAML can probably match Kinterra's terms; but I think its firepower is diminishing. And its share price is under pressue competing toe to toe. If...

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It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

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