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>The <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a> IE considers <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>’s offer (A$1.40 cash per share + 0.0873 GMD shares per MAU share) fair and reasonable.</li>
<li>The key scheme conditions are shareholder approval. Due to the significant irrevocables, the scheme vote is low risk.</li>
<li>This is a done deal. At the last close, the shares are trading in line with the implied value of the default consideration.</li>
</ul>


The Magnetic Resources Nl (MAU AU) IE considers Genesis Minerals (GMD AU)’s offer (A$1.40 cash per share + 0.0873 GMD shares per MAU share) fair and reasonable.
The key scheme conditions are shareholder approval. Due to the significant irrevocables, the scheme vote is low risk.
This is a done deal. At the last close, the shares are trading in line with the implied value of the default consideration.


Magnetic Resources (MAU AU): Scheme Vote on 3 June

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 16th Feb 2026, gold-play <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources (MAU AU)</a> entered into a Scheme with <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>.</li>
<li>Via the default option, Genesis is offering A$1.40/share in cash plus 0.0873 new Genesis shares (~70/30, cash/scrip) for each Magnetic share.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260429/pdf/06z06h0nrhr5hv.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 3rd June, and expected "implementation" on the 23rd June 2026. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


On the 16th Feb 2026, gold-play Magnetic Resources (MAU AU) entered into a Scheme with Genesis Minerals (GMD AU).
Via the default option, Genesis is offering A$1.40/share in cash plus 0.0873 new Genesis shares (~70/30, cash/scrip) for each Magnetic share.

The Scheme Booklet is now out, with a Scheme Meeting on the 3rd June, and expected "implementation" on the 23rd June 2026. The IE (BDO) says "fair &amp; reasonable".


Magnetic Resources (MAU AU): 3rd June Vote On Genesis' Scheme

<ul>
<li>The gold rush continues as <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources (MAU AU)</a> enters into a Scheme with <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>. </li>
<li>Via the default option, Genesis is offering A$1.40/share in cash plus 0.0873 new Genesis shares (~70/30, cash/scrip) for each Magnetic share - or a A$2/share indicative Offer price. </li>
<li>Magnetic shareholders will hold ~2.4% of the enlarged gold play. 19.64% of Magnetic shareholders are supportive. Looks clean</li>
</ul>


The gold rush continues as Magnetic Resources (MAU AU) enters into a Scheme with Genesis Minerals (GMD AU). 
Via the default option, Genesis is offering A$1.40/share in cash plus 0.0873 new Genesis shares (~70/30, cash/scrip) for each Magnetic share - or a A$2/share indicative Offer price. 
Magnetic shareholders will hold ~2.4% of the enlarged gold play. 19.64% of Magnetic shareholders are supportive. Looks clean


Magnetic Resources (MAU AU): Genesis Minerals (GMD AU)'s Clean Scheme

<ul>
<li>
<a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a> has entered into a SID with <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> at A$1.40 cash + 0.0873 GMD shares per MAU share, 25.0% premium to the last close.</li>
<li>While the offer represents an all-time high, it is light compared to peer EV/Resource and EV/Reserve multiples. The ability to choose between all-cash and all-scrip partly addresses this. </li>
<li>The key conditions are the Magnetic shareholder and ACCC approval. Due to the significant irrevocables, the scheme vote is low risk.</li>
</ul>



Magnetic Resources Nl (MAU AU) has entered into a SID with Genesis Minerals (GMD AU) at A$1.40 cash + 0.0873 GMD shares per MAU share, 25.0% premium to the last close.
While the offer represents an all-time high, it is light compared to peer EV/Resource and EV/Reserve multiples. The ability to choose between all-cash and all-scrip partly addresses this. 
The key conditions are the Magnetic shareholder and ACCC approval. Due to the significant irrevocables, the scheme vote is low risk.


Magnetic Resources (MAU AU): Genesis (GMD US)’s Binding Proposal

<ul>
<li>I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: that <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu Inc (4324 JP)</a> had finalised plans to take its system integrator subsidiary <a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a> private.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a>, and <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>.</li>
</ul>


I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: that Dentsu Inc (4324 JP) had finalised plans to take its system integrator subsidiary Dentsu Soken (4812 JP) private.
Key updates/news also took place on: Perpetual Ltd (PPT AU), Atlas Arteria (ALX AU), Qube Holdings (QUB AU), and Nippon Dry Chemical (1909 JP).


Asia-Pac Weekly Wrap: Info Services Intl Dentsu, Perpetual, Atlas Arteria, Qube, Nippon Dry Chem

Australia

Magnetic Resources NL explores for gold, nickel and uranium in Western Australia.

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Magnetic Resources Nl (MAU AU)

Magnetic Resources (MAU AU): Scheme Vote on 3 June

This is a done deal. At the last close, the shares are trading in line with the implied value of the default consideration.

Arun George

Magnetic Resources (MAU AU): 3rd June Vote On Genesis' Scheme

Trading almost at terms to the default cash/scrip option. You could look to take down borrow in Genesis. Depending on your gold tilt, you might...

David Blennerhassett

Magnetic Resources (MAU AU): Genesis Minerals (GMD AU)'s Clean Scheme

Trading tight at a gross/annualised spread of 1.7%/8.8%. You could look to take down borrow in Genesis. But depending on your gold tilt, you might...

David Blennerhassett

Magnetic Resources (MAU AU): Genesis (GMD US)’s Binding Proposal

While the offer represents an all-time high, it is light compared to peer EV/Resource and EV/Reserve multiples. Due to the significant...

Arun George

Asia-Pac Weekly Wrap: Info Services Intl Dentsu, Perpetual, Atlas Arteria, Qube, Nippon Dry Chem

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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