Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Dual-Listed <strong><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></strong> has announced a cash/scrip Offer from <a href="https://www.smartkarma.com/entities/dundee-precious-metals-inc" target="_blank" data-smartkarma-citation="entities:42245" rel="noopener"><strong>Dundee Precious Metals (DPM CN)</strong></a> with an implied Offer price of A$5.56/share, a 47.8% premium to undisturbed.</li>
<li>Dundee is offering 0.1590 new Dundee shares per ADT share, plus 93 pence in cash. Roughly a 35:65 cash/scrip split for the Aussie listed line. </li>
<li>Adriatic is incorporated in the UK so the Offer is being done by a UK Scheme. Irrevocables tally 37.23%. Clean deal.</li>
</ul>


Dual-Listed Adriatic Metals PLC (ADT AU) has announced a cash/scrip Offer from Dundee Precious Metals (DPM CN) with an implied Offer price of A$5.56/share, a 47.8% premium to undisturbed.
Dundee is offering 0.1590 new Dundee shares per ADT share, plus 93 pence in cash. Roughly a 35:65 cash/scrip split for the Aussie listed line. 
Adriatic is incorporated in the UK so the Offer is being done by a UK Scheme. Irrevocables tally 37.23%. Clean deal.


Adriatic Metals (ADT AU)/Dundee Metals (DPM CN): A Burgeoning Balkan Play

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 7 adds for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in March. There are plenty of float and capping changes too.</li>
<li>Estimated one-way turnover is 5.3% resulting in a round-trip trade of US$610m. There are 11 stocks with over 1x ADV to trade from passive trackers.</li>
<li>
<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> and <a href="https://www.smartkarma.com/entities/ora-banda-mining-ltd" target="_blank" data-smartkarma-citation="entities:2970:1" rel="noopener">Ora Banda Mining (OBM AU)</a> will be added to some of the S&amp;P/ASX indices at the same time, increasing flow and impact.</li>
</ul>


There are 7 adds for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in March. There are plenty of float and capping changes too.
Estimated one-way turnover is 5.3% resulting in a round-trip trade of US$610m. There are 11 stocks with over 1x ADV to trade from passive trackers.

Spartan Resources /Australi (SPR AU) and Ora Banda Mining (OBM AU) will be added to some of the S&amp;P/ASX indices at the same time, increasing flow and impact.


MV Global Junior Gold Miners Index Rebalance: 7 Adds & Other Changes Lead to US$610m Trade

Canada

Dundee Precious Metals Inc. acquires, explores, and develops gold mining properties. The Company focuses the development of mineral properties in Armenia, Bulgaria, Canada, and Serbia.

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Dundee Precious Metals (DPM CN)

Adriatic Metals (ADT AU)/Dundee Metals (DPM CN): A Burgeoning Balkan Play

Trading at a 6% gross spread, and ~11% annualised if six months to complete. As a cross-border arb. If inclined, look to short Dundee late in the...

David Blennerhassett

MV Global Junior Gold Miners Index Rebalance: 7 Adds & Other Changes Lead to US$610m Trade

7 adds, float and capping changes lead to one-way turnover of 5.3% and a round-trip trade of US$610m. Spartan is also and ASX200 add while OBM is...

Brian Freitas

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