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/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a> and <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> entered into a merger through a scheme of arrangement. The consideration is 0.6937 RRL shares per VAU share.</li>
<li>The deal is largely about chasing scale rather than about operational synergies. <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, the long-rumoured suitor for Vault, is unlikely to get involved. </li>
<li>The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and benign shareholder structure.</li>
</ul>



Vault Minerals Ltd (VAU AU) and Regis Resources (RRL AU) entered into a merger through a scheme of arrangement. The consideration is 0.6937 RRL shares per VAU share.
The deal is largely about chasing scale rather than about operational synergies. Genesis Minerals (GMD AU), the long-rumoured suitor for Vault, is unlikely to get involved. 
The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and benign shareholder structure.


Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 23rd March, published ~9AM on the 27th March.</li>
<li>The largest industry net increase in the past week was into "Healthcare Distributors"; the largest industry net decrease was out of "Diversified Metals &amp; Mining". Net shorts declined A$2.3bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a>, <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>, <a href="https://www.smartkarma.com/entities/lotus-resources-limited" target="_blank" data-smartkarma-citation="entities:13978:1" rel="noopener">Lotus Resources (LOT AU)</a>, and <a href="https://www.smartkarma.com/entities/treasury-wine-estates-ltd" target="_blank" data-smartkarma-citation="entities:710:1" rel="noopener">Treasury Wine Estates (TWE AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 23rd March, published ~9AM on the 27th March.
The largest industry net increase in the past week was into "Healthcare Distributors"; the largest industry net decrease was out of "Diversified Metals &amp; Mining". Net shorts declined A$2.3bn week-on-week.
Companies mentioned in this regular weekly report include: Pilbara Minerals (PLS AU), Sigma Healthcare (SIG AU), Yancoal Australia (YAL AU), Lotus Resources (LOT AU), and Treasury Wine Estates (TWE AU).


Aussie Shorts (23rd Mar 2026): Pilbara Minerals, Sigma Healthcare, Yancoal, Treasury Wine Estates

Travis Lundy

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. On average, we can expect 2-3 ADDs per quarter.</li>
<li>Based on the latest data, we expect four ADDs in June 2026, but things could change in the run-up to the May-end base date.</li>
<li>We expect one-way flows of around US$600mm for June 2026. However, that number could triple due to the peculiar index weighting criteria and names moving from 'small-cap' to 'large-cap.'</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver global mining companies. On average, we can expect 2-3 ADDs per quarter.
Based on the latest data, we expect four ADDs in June 2026, but things could change in the run-up to the May-end base date.
We expect one-way flows of around US$600mm for June 2026. However, that number could triple due to the peculiar index weighting criteria and names moving from 'small-cap' to 'large-cap.'


[Quiddity Index] MV Global Gold Miners Jun26: Multiple ADDs Expected; Bigger Flows in Jun26 Likely

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

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

<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 use the close from 11 March to cap the stocks. The constituent changes will be based off the close on 27 February.</li>
<li>If there are 6 inclusions to the index, the estimated one-way turnover is 7.8% and the round-trip trade is US$5.7bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources</a> and Greatland Resources are adds to the ASX100 Index and there will be increased flow and impact if they are added to 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>.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will use the close from 11 March to cap the stocks. The constituent changes will be based off the close on 27 February.
If there are 6 inclusions to the index, the estimated one-way turnover is 7.8% and the round-trip trade is US$5.7bn.

Regis Resources and Greatland Resources are adds to the ASX100 Index and there will be increased flow and impact if they are added to the VanEck Gold Miners ETF.


Gold Miners ETF (GDX US) March Rebalance Preview: Capping Finalised; Announcement on Friday

Australia

Greatland Resources Limited operates as a gold and copper mining company. The company owns a 100% interest in the Telfer gold-copper mine located in the Paterson region of Western Australia; and in the Havieron brownfield development project, a gold-copper deposit located in Western Australia, as well as owns various exploration projects across Western Australia.

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Greatland Resources (GGP AU)

Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

The deal is largely about chasing scale rather than about operational synergies. The scheme vote is low risk due to a fair merger exchange ratio...

Arun George

Aussie Shorts (23rd Mar 2026): Pilbara Minerals, Sigma Healthcare, Yancoal, Treasury Wine Estates

As at the 23rd March 2026, total shares short amounted to ~A$52.2bn down~A$2.3bn in the past week. The largest industry net increase in the past...

David Blennerhassett

[Quiddity Index] MV Global Gold Miners Jun26: Multiple ADDs Expected; Bigger Flows in Jun26 Likely

It's early - two months left - but it looks like there may be several ADDs in June 2026. There is also a possibility of one or two becoming "large...

Travis Lundy

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Gold Miners ETF (GDX US) March Rebalance Preview: Capping Finalised; Announcement on Friday

There could be 6 adds resulting in an estimated one-way turnover of 7.8% and a round-trip trade of US$5.7bn. There will be capping inflows to the...

Brian Freitas

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Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

The deal is largely about chasing scale rather than about operational synergies. The scheme vote is low risk due to a fair merger exchange ratio...

Arun George

Aussie Shorts (23rd Mar 2026): Pilbara Minerals, Sigma Healthcare, Yancoal, Treasury Wine Estates

As at the 23rd March 2026, total shares short amounted to ~A$52.2bn down~A$2.3bn in the past week. The largest industry net increase in the past...

David Blennerhassett

[Quiddity Index] MV Global Gold Miners Jun26: Multiple ADDs Expected; Bigger Flows in Jun26 Likely

It's early - two months left - but it looks like there may be several ADDs in June 2026. There is also a possibility of one or two becoming "large...

Travis Lundy

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

​This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Gold Miners ETF (GDX US) March Rebalance Preview: Capping Finalised; Announcement on Friday

There could be 6 adds resulting in an estimated one-way turnover of 7.8% and a round-trip trade of US$5.7bn. There will be capping inflows to the...

Brian Freitas

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....