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

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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

<ul>
<li>I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/carta-holdings-inc" target="_blank" data-smartkarma-citation="entities:9634:1" rel="noopener">Carta Holdings, Inc. (3688 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <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>, and <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Four new deal were discussed on Smartkarma this week: Santos Ltd (STO AU), Adriatic Metals PLC (ADT AU), Tourism Holdings (THL NZ), and Carta Holdings, Inc. (3688 JP).
Key updates/news took place on: Mayne Pharma (MYX AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), and Dickson Concepts Intl (113 HK).


(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

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)

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

CAML’s binding offer is A$0.055, while Kinterra’s non-binding offer is A$0.057. Although Kinterra’s offer represents a 103.6% premium to...

Arun George

The Most Exciting Mining Deal of 2025

The episode delves into the high-stakes world of mining finance with big players like MMS and a hostile M&A battle between New World, CAML, and...

Money of Mine

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

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...

David Blennerhassett

(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

CAML’s binding offer is A$0.055, while Kinterra’s non-binding offer is A$0.057. Although Kinterra’s offer represents a 103.6% premium to...

Arun George

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

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...

David Blennerhassett

The Most Exciting Mining Deal of 2025

The episode delves into the high-stakes world of mining finance with big players like MMS and a hostile M&A battle between New World, CAML, and...

Money of Mine

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

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...

David Blennerhassett

(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

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