Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/talkmed-group-ltd" target="_blank" data-smartkarma-citation="entities:16079:1" rel="noopener">Talkmed (TKMED SP)</a>'s Scheme and <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>'s Hobson's Choice</li>
<li>Key updates/news took place on <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>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Fengxiang (9977 HK)</a>,<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin (9066 JP)</a> and <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)'s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)'s Hobson's Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).


(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

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>Discussion on IperionX a titanium tech play mining adjacent company, and TNR Gold with royalty activist drama on Twitter</li><li>Introduction of Hank Rule from Sierra Morena Capital to explore US insight on mining sector</li><li>Analysis of the escalating bidding war between Kinterra and CAML for New World, with Kinterra matching CAML's offer, signaling price discipline and potential for further escalation.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion on IperionX a titanium tech play mining adjacent company, and TNR Gold with royalty activist drama on TwitterIntroduction of Hank Rule from Sierra Morena Capital to explore US insight on mining sectorAnalysis of the escalating bidding war between Kinterra and CAML for New World, with Kinterra matching CAML's offer, signaling price discipline and potential for further escalation.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Undervalued Copper, Twitter Activism and IperionX with Hank Ruehl

<ul>
<li>Suitors <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 Capital are locked at A$0.062/share bids apiece 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>.</li>
<li>Kinterra has tapped the Takeovers Panel after NWC failed to terminate the CAML placement "despite the relevant condition for the termination of that agreement having been satisfied".</li>
<li>
Kinterra's application has merit. Expect the Panel to make orders preventing the placement. Kinterra currently holds 19.3% of shares out and CAML <a href="https://announcements.asx.com.au/asxpdf/20250627/pdf/06l54cpllmtdf7.pdf" target="_blank" rel="noopener">12.08%</a>. </li>
</ul>


Suitors Central Asia Metals (CAML LN) and Kinterra Capital are locked at A$0.062/share bids apiece for copper play New World Resources (NWC AU).
Kinterra has tapped the Takeovers Panel after NWC failed to terminate the CAML placement "despite the relevant condition for the termination of that agreement having been satisfied".

Kinterra's application has merit. Expect the Panel to make orders preventing the placement. Kinterra currently holds 19.3% of shares out and CAML 12.08%. 


New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra's Bid

<ul>
<li>For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.
The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic

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>After market close, CAML acquired a total of 253.0 million <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> shares via off-market trades, representing 7.08% of the outstanding shares, at A$0.062 per share.</li>
<li>
<a target="_blank">Central Asia Metals (CAML LN)</a>’s scheme and takeover offer has increased to A$0.062, a 12.7% premium to CAML’s previous A$0.055 offer and an 8.8% premium to Kinterra’s A$0.057 offer.</li>
<li>CAML and Kinterra's stake prevents the other from exercising compulsory acquisition rights. Despite CAML’s offer representing a 121.4% premium to the undisturbed price, there remains headroom for a bidding war. </li>
</ul>


After market close, CAML acquired a total of 253.0 million New World Resources (NWC AU) shares via off-market trades, representing 7.08% of the outstanding shares, at A$0.062 per share.

Central Asia Metals (CAML LN)’s scheme and takeover offer has increased to A$0.062, a 12.7% premium to CAML’s previous A$0.055 offer and an 8.8% premium to Kinterra’s A$0.057 offer.
CAML and Kinterra's stake prevents the other from exercising compulsory acquisition rights. Despite CAML’s offer representing a 121.4% premium to the undisturbed price, there remains headroom for a bidding war. 


New World Resources (NWC AU): CAML Raises to A$0.062, Next Move Kinterra

United Kingdom

Central Asia Metals plc, through its subsidiaries, processes and produces copper cathodes from secondary mining techniques. The company is also involved in the identification, acquisition, and development of base and precious metals deposits. It owns 75% interest in the Copper Bay tailings project located in Chile. The company was founded in 2005 and is headquartered in London, the United Kingdom.

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Central Asia Metals (CAML LN)

(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Undervalued Copper, Twitter Activism and IperionX with Hank Ruehl

Exciting discussion on titanium tech mining, introduction of guest Hank Rule, mention of mineral mining services, and update on New World takeover...

Money of Mine

New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra's Bid

Trading through terms at A$0.064/share (as I type). This stoush has not completely played out. If illiquid arbs are your bent, get in around here...

David Blennerhassett

(Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic

For the month of June, 11 new deals were discussed on Smartkarma with an overall deal size of just ~US$29bn. The average premium for the new deals...

David Blennerhassett

New World Resources (NWC AU): CAML Raises to A$0.062, Next Move Kinterra

Kinterra has matched CAML’s A$0.062 offer. Kinterra claims that its offer is superior as it does not have a minimum acceptance condition, a...

Arun George

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