Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> has <a href="https://announcements.asx.com.au/asxpdf/20250324/pdf/06gyn9td9070tr.pdf" target="_blank" rel="noopener">rejected</a> an unsolicited offer from <a href="https://www.smartkarma.com/entities/gold-fields-ltd" target="_blank" data-smartkarma-citation="entities:25109:1" rel="noopener">Gold Fields Ltd (GFI SJ)</a>, </li>
<li>In a bid to secure control over the Gruyere JV mine in WA, Gold Roads offered A$2.27/share, "plus ... Gold Road’s interest in .. <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>."</li>
<li>To spice things up Gold Road countered with a proposal to acquire Gold Fields’ interest in Gruyere, which was also rejected by Gold Fields.</li>
</ul>



Gold Road Resources (GOR AU) has rejected an unsolicited offer from Gold Fields Ltd (GFI SJ), 
In a bid to secure control over the Gruyere JV mine in WA, Gold Roads offered A$2.27/share, "plus ... Gold Road’s interest in .. De Grey Mining (DEG AU)."
To spice things up Gold Road countered with a proposal to acquire Gold Fields’ interest in Gruyere, which was also rejected by Gold Fields.


More Gold Fever: Gold Field's Hostile Tilt For Gold Road

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>
<a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> has rejected a non-binding proposal from <a href="https://www.smartkarma.com/entities/gold-fields-ltd-434088e3-4626-4b0b-a6ec-acfc202c86d8" target="_blank" data-smartkarma-citation="entities:28563:1" rel="noopener">Gold Fields (GFI US)</a>. The offer is A$2.27 plus value per share of Gold Road’s shareholding in De Grey.</li>
<li>The Board has rejected the offer mainly due to opportunistic timing and no value attributed to the potential underground expansion of the Gruyere mine (Gold Road/Gold Fields are JV partners).</li>
<li>The proposal is a logical consolidation to eliminate dis-synergies. The offer is reasonable compared to peer multiples, precedent transactions and historical trading ranges. </li>
</ul>



Gold Road Resources (GOR AU) has rejected a non-binding proposal from Gold Fields (GFI US). The offer is A$2.27 plus value per share of Gold Road’s shareholding in De Grey.
The Board has rejected the offer mainly due to opportunistic timing and no value attributed to the potential underground expansion of the Gruyere mine (Gold Road/Gold Fields are JV partners).
The proposal is a logical consolidation to eliminate dis-synergies. The offer is reasonable compared to peer multiples, precedent transactions and historical trading ranges. 


Gold Road (GOR AU): Rejects an NBIO from Gold Fields (GFI US)

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Strategic stake in DEG pays off.Northern Star Resources Ltd (NST, Buy, TP$19.55ps) and DeGrey Mining Ltd (DEG, Buy Spec, Val$2.15ps, pre-offer) announced that they had agreed that NST would acquire DEG by Scheme of Arrangement (the Scheme).</li><li>Under the terms of the allscrip Scheme, shareholders would receive 0.119 new NST shares for each DEG share.</li><li>The Scheme requires 75% shareholder approval (meeting expected in April 2025).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strategic stake in DEG pays off.Northern Star Resources Ltd (NST, Buy, TP$19.55ps) and DeGrey Mining Ltd (DEG, Buy Spec, Val$2.15ps, pre-offer) announced that they had agreed that NST would acquire DEG by Scheme of Arrangement (the Scheme).Under the terms of the allscrip Scheme, shareholders would receive 0.119 new NST shares for each DEG share.The Scheme requires 75% shareholder approval (meeting expected in April 2025).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gold Road Resources (GOR): Build Them a Golden Bridge.

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 is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.</li>
<li>The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.</li>
<li>The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.
The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.


Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

Australia

Gold Road Resources Limited operates as a mineral exploration and production company. The Company focuses on its Yamarna Gold Project located east of Laverton, Western Australia.

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Gold Road Resources (GOR AU)

More Gold Fever: Gold Field's Hostile Tilt For Gold Road

Gold Road had a solid pop on the bell. Gold Fields has the clout to go higher. This is probably going higher. Gold Road needs to set the record...

David Blennerhassett

Gold Road (GOR AU): Rejects an NBIO from Gold Fields (GFI US)

The proposal is a logical consolidation to eliminate dis-synergies. The offer, while not a knockout bid, is reasonable. The offer disclosure will...

Arun George

Gold Road Resources (GOR): Build Them a Golden Bridge.

Under the terms of the allscrip Scheme, shareholders would receive 0.119 new NST shares for each DEG share. The Scheme requires 75% shareholder...

Bell Potter

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

The change in benchmark for GDX should result in 8 adds and 25 deletes in Sep. Estimated one-way turnover is 22.9% resulting in a round-trip trade...

Brian Freitas

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