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>The <a href="https://www.afr.com/street-talk/ramelius-spartan-nut-out-4b-low-premium-merger-advisers-bunker-down-20250313-p5ljfs" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> and <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources /Australi (SPR AU)</a> are in advanced talks about a low-premium merger through a scheme of arrangement. </li>
<li>A merger will result in synergies due to more significant gold production and lower costs. By adding ore to Mount Magnet, Spartan could fix Ramelius’ near-term production gap. </li>
<li>My analysis suggests an exchange ratio of around 0.82x (0.82x RMS share per SPR share). This implies an SPR price of A$1.80, a 12.8% premium to the last close.</li>
</ul>


The AFR reports that Ramelius Resources (RMS AU) and Spartan Resources /Australi (SPR AU) are in advanced talks about a low-premium merger through a scheme of arrangement. 
A merger will result in synergies due to more significant gold production and lower costs. By adding ore to Mount Magnet, Spartan could fix Ramelius’ near-term production gap. 
My analysis suggests an exchange ratio of around 0.82x (0.82x RMS share per SPR share). This implies an SPR price of A$1.80, a 12.8% premium to the last close.


Spartan Resources (SPR AU): A Rumoured Merger with Ramelius Resources (RMS AU)

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> to list on 19 March.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>, <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/tenma-corp" target="_blank" data-smartkarma-citation="entities:11900:1" rel="noopener">Tenma Corp (7958 JP)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: JX Advanced Metals (5016 JP) to list on 19 March.
Event-Driven developments: Rio Tinto Ltd (RIO AU), De Grey Mining (DEG AU), HKBN Ltd (1310 HK), ESR Group (1821 HK), Seven &amp; I Holdings (3382 JP), Tenma Corp (7958 JP).



Weekly Deals Digest (16 Mar) - Rio Tinto, De Grey, HKBN, ESR, Seven & I, Makino, Tenma, JXAM

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>An independent appraisal repot supports <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> unifying its dual-listed structure. Shareholders will get their say on the 3rd April. </li>
<li>
<a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>'s MBO is the wrong price. The solution here is a really bump or a broken deal if investors keep the share price above the TOB price.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>gives back some of the recent gains as pro-Beijing media said CK Hutch “should think twice about which side it wants to stand with”.</li>
</ul>


An independent appraisal repot supports Rio Tinto Ltd (RIO AU) unifying its dual-listed structure. Shareholders will get their say on the 3rd April. 

Proto Corp (4298 JP)'s MBO is the wrong price. The solution here is a really bump or a broken deal if investors keep the share price above the TOB price.

CK Hutchison Holdings (1 HK)gives back some of the recent gains as pro-Beijing media said CK Hutch “should think twice about which side it wants to stand with”.


Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN

<ul>
<li>I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week: <a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a>, <a href="https://www.smartkarma.com/entities/tenma-corp" target="_blank" data-smartkarma-citation="entities:11900:1" rel="noopener">Tenma Corp (7958 JP)</a>, and <a href="https://www.smartkarma.com/entities/naigai-trans-line-ltd" target="_blank" data-smartkarma-citation="entities:8938:1" rel="noopener">Naigai Trans Line (9384 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</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/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, and <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>.</li>
</ul>


I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week: Soundwill Holdings (878 HK), Tenma Corp (7958 JP), and Naigai Trans Line (9384 JP).
Key updates/news took place on: Seven &amp; I Holdings (3382 JP), Silk Logistics (SLH AU), ESR Group (1821 HK), Proto Corp (4298 JP), and Japfa Ltd (JAP SP).


(Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line

<ul>
<li>Back on the 2nd Dec 2024, <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a>, which boasts one of Australia's largest undeveloped gold projects, <a href="https://announcements.asx.com.au/asxpdf/20241202/pdf/06c3wj280vb2r0.pdf" target="_blank" rel="noopener">announced</a> a merger with <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>.</li>
<li>Northern Star offered 0.119 new shares for every De Grey share, and will hold ~80.1% of the combined entity upon a successful Scheme, with De Grey shareholders the remaining ~19.9%.</li>
<li>
The Scheme Booklet is now <a href="https://app.sharelinktechnologies.com/announcement/asx/e5e42b2e8b50c7f7d80ea83bb63b8a86" target="_blank" rel="noopener">out</a>, with a Scheme Meeting on the 16th April. Expected implementation on the 5th May. The IE (KPMG) says fair &amp; reasonable.</li>
</ul>


Back on the 2nd Dec 2024, De Grey Mining (DEG AU), which boasts one of Australia's largest undeveloped gold projects, announced a merger with Northern Star Resources (NST AU).
Northern Star offered 0.119 new shares for every De Grey share, and will hold ~80.1% of the combined entity upon a successful Scheme, with De Grey shareholders the remaining ~19.9%.

The Scheme Booklet is now out, with a Scheme Meeting on the 16th April. Expected implementation on the 5th May. The IE (KPMG) says fair &amp; reasonable.


De Grey Mining (DEG AU): 16th April Scheme Vote

Australia

De Grey Mining Limited is an exploration and mining company focusing on zinc, gold, platinum, silver and base metals.

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De Grey Mining (DEG AU)

Spartan Resources (SPR AU): A Rumoured Merger with Ramelius Resources (RMS AU)

My analysis suggests an exchange ratio of around 0.82x (0.82x RMS share per SPR share). This implies an SPR price of A$1.80, a 12.8% premium to the...

Arun George

Weekly Deals Digest (16 Mar) - Rio Tinto, De Grey, HKBN, ESR, Seven & I, Makino, Tenma, JXAM

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan,...

Arun George

Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN

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: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line

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

De Grey Mining (DEG AU): 16th April Scheme Vote

16th April Scheme Meeting. Implementation on the 5th May. The IE says fair & reasonable. Trading tight at ~1.9%. IF you can get borrow cheaply on...

David Blennerhassett

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