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/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> has entered a scheme with <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>. The consideration is A$2.52 cash + value per share of <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> stake.</li>
<li>The proposal is a logical consolidation to eliminate dissynergies between the JV partners. The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. </li>
<li>The vote is low-risk, with irrevocables representing 7.51% of the outstanding shares. At the last close and for an early October payment, the gross/annualised spread was 4.1%/10.0%.</li>
</ul>



Gold Road Resources (GOR AU) has entered a scheme with Gold Fields Ltd (GFI SJ). The consideration is A$2.52 cash + value per share of Northern Star Resources (NST AU) stake.
The proposal is a logical consolidation to eliminate dissynergies between the JV partners. The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. 
The vote is low-risk, with irrevocables representing 7.51% of the outstanding shares. At the last close and for an early October payment, the gross/annualised spread was 4.1%/10.0%.


Gold Road (GOR AU): Gold Fields (GFI SJ) Attractive Scheme Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 24th March, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road (GOR AU)</a> <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 (GFI SJ)</a> of $2.27/share cash plus GOR's effective 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>GFI has now bumped the cash terms to $2.52/share or an all-in price of ~A$3.40/share, a 43% premium to undisturbed. This includes a A$0.35/share fully franked dividend (if paid).</li>
<li>Conditions include the standard Scheme vote plus FIRB. 7.5% of shares out are supportive. Implementation is expected in October 2025.</li>
</ul>


Back on the 24th March, Gold Road (GOR AU) rejected an unsolicited offer from Gold Fields (GFI SJ) of $2.27/share cash plus GOR's effective interest in De Grey Mining (DEG AU).
GFI has now bumped the cash terms to $2.52/share or an all-in price of ~A$3.40/share, a 43% premium to undisturbed. This includes a A$0.35/share fully franked dividend (if paid).
Conditions include the standard Scheme vote plus FIRB. 7.5% of shares out are supportive. Implementation is expected in October 2025.


<ul>
<li>After rejecting  <a href="https://www.smartkarma.com/entities/gold-fields-ltd" target="_blank" data-smartkarma-citation="entities:25109:1" rel="noopener">Gold Fields (GFI SJ)</a>'s Offer last month, calling terms “low ball and opportunistic”, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road (GOR AU)</a> has done a bang-up job how NOT to underpin that position.</li>
<li>After correcting minor information (on the 4th April) to an Australian Roadshow Investor Presentation, GOR has now retracted details of the underground mining potential at the Gruyere mine.</li>
<li>But don't expect any new developments in this transaction until after <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>'s Scheme vote on the 16th April.</li>
</ul>


After rejecting  Gold Fields (GFI SJ)'s Offer last month, calling terms “low ball and opportunistic”, Gold Road (GOR AU) has done a bang-up job how NOT to underpin that position.
After correcting minor information (on the 4th April) to an Australian Roadshow Investor Presentation, GOR has now retracted details of the underground mining potential at the Gruyere mine.
But don't expect any new developments in this transaction until after De Grey Mining (DEG AU)'s Scheme vote on the 16th April.


Gold Road (GOR AU)'s U-Turn On Gruyere's Underground Mine Estimates

<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

<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)

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)

Gold Road (GOR AU): Gold Fields (GFI SJ) Attractive Scheme Offer

The vote is low-risk, with irrevocables representing 7.51% of the outstanding shares. At the last close and for an early October payment, the gross...

Arun George

Gold Road Enters Scheme With Gold Fields

This is a clean deal. The implementation of De Grey Mining's deal, is today, the 5th May. Trading ~6.2%/14.4% gross/annualised assuming mid-Oct...

David Blennerhassett

Gold Road (GOR AU)'s U-Turn On Gruyere's Underground Mine Estimates

Trading ~2.8% adrift of the NBIO terms.There's probably limited fallout from retracting the underground mine figures. I still expect Gold Fields to...

David Blennerhassett

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

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