IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a> entered into a scheme implementation deed with <a target="_blank">Critical Metals (CRML US)</a> at 0.035 CRML shares per EUR share. </li>
<li>The offer remains light as it is worth less than net cash and the current value of the CRML stake, and attributes no value to EUR’s 7.5% stake in Tanbreez.</li>
<li>However, the lack of substantial shareholders and the strategic rationale for the deal suggest the vote will pass. The high spread (24%) largely reflects the inability to short CRML.</li>
</ul>



European Lithium (EUR AU) entered into a scheme implementation deed with Critical Metals (CRML US) at 0.035 CRML shares per EUR share. 
The offer remains light as it is worth less than net cash and the current value of the CRML stake, and attributes no value to EUR’s 7.5% stake in Tanbreez.
However, the lack of substantial shareholders and the strategic rationale for the deal suggest the vote will pass. The high spread (24%) largely reflects the inability to short CRML.


European Lithium (EUR AU): CRML’s Binding Proposal Remains Light

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 28th April, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>'s ~34.4% held <a href="https://www.smartkarma.com/entities/critical-metals-corp" target="_blank" data-smartkarma-citation="entities:48829:1" rel="noopener">Critical Metals (CRML US)</a> announced a non-binding reverse takeover via a scrip deal. A Scheme has now been entered into.</li>
<li>CRML intends to issue 0.035 new CRML shares for each EUR share - same as the NBIO. The implied value per CRML scrip is A$0.58/share. </li>
<li>A successful merger sees 100% of the Tanbreez Rare Earth project under one roof. The Scheme Meeting is expected to be held in 3Q26, as is implementation. </li>
</ul>


On the 28th April, European Lithium (EUR AU)'s ~34.4% held Critical Metals (CRML US) announced a non-binding reverse takeover via a scrip deal. A Scheme has now been entered into.
CRML intends to issue 0.035 new CRML shares for each EUR share - same as the NBIO. The implied value per CRML scrip is A$0.58/share. 
A successful merger sees 100% of the Tanbreez Rare Earth project under one roof. The Scheme Meeting is expected to be held in 3Q26, as is implementation. 


European Lithium (EUR AU) & Critical Metals (CRML US) Enter Into Reverse Scheme

<ul>
<li>
<a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a> disclosed a non-binding proposal from <a href="https://www.smartkarma.com/entities/critical-metals-corp" target="_blank" data-smartkarma-citation="entities:48829:1" rel="noopener">Critical Metals (CRML US)</a> at 0.035 CRML shares per EUR share, worth A$0.58, a 104% premium to the undisturbed price. </li>
<li>The proposal could be viewed as a two-year-long and convoluted method for EUR to transfer its listing to the US, albeit with a stronger balance sheet.  </li>
<li>A binding scheme implementation deed is expected by 7 May. The lack of substantial shareholders in EUR and a strategically sensible deal lowers the scheme’s voting risk.  </li>
</ul>



European Lithium (EUR AU) disclosed a non-binding proposal from Critical Metals (CRML US) at 0.035 CRML shares per EUR share, worth A$0.58, a 104% premium to the undisturbed price. 
The proposal could be viewed as a two-year-long and convoluted method for EUR to transfer its listing to the US, albeit with a stronger balance sheet.  
A binding scheme implementation deed is expected by 7 May. The lack of substantial shareholders in EUR and a strategically sensible deal lowers the scheme’s voting risk.  


European Lithium (EUR AU): Coming Full Circle with Critical Metals’ All-Scrip Proposal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>'s ~34.4% held <a href="https://www.smartkarma.com/entities/critical-metals-corp" target="_blank" data-smartkarma-citation="entities:48829:1" rel="noopener">Critical Metals (CRML US)</a> has announced a non-binding reverse takeover via a Scheme scrip deal.</li>
<li>CRML intends to issue 0.035 new CRML shares for each EUR share. The implied value per CRML scrip is A$0.58/share. EUR shareholders will hold ~45% of the combined entity.</li>
<li>A completed merger sees 100% of Tanbreez Rare Earth project under one roof. Exclusive due diligence to run until around the 7th May. EUR is up 53% as I type.</li>
</ul>



European Lithium (EUR AU)'s ~34.4% held Critical Metals (CRML US) has announced a non-binding reverse takeover via a Scheme scrip deal.
CRML intends to issue 0.035 new CRML shares for each EUR share. The implied value per CRML scrip is A$0.58/share. EUR shareholders will hold ~45% of the combined entity.
A completed merger sees 100% of Tanbreez Rare Earth project under one roof. Exclusive due diligence to run until around the 7th May. EUR is up 53% as I type.


European Lithium (EUR AU): Critical Metals (CRML US) Firms Reverse Takeover

<ul>
<li>
<a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, which holds a (estimated) ~34.4% stake in <a href="https://www.smartkarma.com/entities/critical-metals-corp" target="_blank" data-smartkarma-citation="entities:48829:1" rel="noopener">Critical Metals (CRML US)</a>, the mining operator of projects in Austria, Greenland, and Ireland, is currently suspended.</li>
<li>The rumour mill suggest CRML will make an offer for its parent. CRML recently received government approval to control 92% of the Tanbreez rare earths project in Greenland</li>
<li>Those same rumours are indicating a A$0.58/share, or a 104% premium to European Lithium's last close. </li>
</ul>



European Lithium (EUR AU), which holds a (estimated) ~34.4% stake in Critical Metals (CRML US), the mining operator of projects in Austria, Greenland, and Ireland, is currently suspended.
The rumour mill suggest CRML will make an offer for its parent. CRML recently received government approval to control 92% of the Tanbreez rare earths project in Greenland
Those same rumours are indicating a A$0.58/share, or a 104% premium to European Lithium's last close. 


European Lithium (EUR AU): Reverse Takeover?

Australia

European Lithium Ltd. operates as a mining exploration and development company. The Company focuses on lithium mining projects. European Lithium offers its services worldwide.

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European Lithium (EUR AU)