Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Writing reports on copper-play <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a> is tricky as they have a half-life of days, sometimes hours, as Kinterra and <a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> compete head-to-head.</li>
<li>Last week, Kinterra bumped its off-market Offer to A$0.063/share; which increases to A$0.064/share if it gets to 30%. CAML, currently at A$0.062/share, has matching rights up until the 17th July.</li>
<li>The Takeovers Panel has now, not altogether unsurprisingly, opted not to declare unacceptable circumstances regarding Kinterra's two applications.</li>
</ul>


Writing reports on copper-play New World Resources (NWC AU) is tricky as they have a half-life of days, sometimes hours, as Kinterra and Central Asia Metals (CAML LN) compete head-to-head.
Last week, Kinterra bumped its off-market Offer to A$0.063/share; which increases to A$0.064/share if it gets to 30%. CAML, currently at A$0.062/share, has matching rights up until the 17th July.
The Takeovers Panel has now, not altogether unsurprisingly, opted not to declare unacceptable circumstances regarding Kinterra's two applications.


New World Resources (NWC AU): Expect CAML To Match Kinterra's Terms

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>Kinterra increased its <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a> offer to A$0.063, which will be increased to A$0.064 and declared unconditional if Kinterra acquires 30% of voting rights by 11 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> has five business days to match Kinterra’s offer. While CAML today lowered its FY2025 production guidance, it retains the headroom to return with revised terms.</li>
<li>Trump’s recent copper tariffs support the case for the ongoing bidding war. Crucially, none of the bidders has declared their offer best and final. </li>
</ul>


Kinterra increased its New World Resources (NWC AU) offer to A$0.063, which will be increased to A$0.064 and declared unconditional if Kinterra acquires 30% of voting rights by 11 July.

Central Asia Metals (CAML LN) has five business days to match Kinterra’s offer. While CAML today lowered its FY2025 production guidance, it retains the headroom to return with revised terms.
Trump’s recent copper tariffs support the case for the ongoing bidding war. Crucially, none of the bidders has declared their offer best and final. 


New World Resources (NWC AU): Kinterra Tweaks Its Offer Structure and Bumps

<ul>
<li>Suitors <a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> and Kinterra Capital are locked at A$0.062/share bids apiece for copper play <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>.</li>
<li>Kinterra has tapped the Takeovers Panel after NWC failed to terminate the CAML placement "despite the relevant condition for the termination of that agreement having been satisfied".</li>
<li>
Kinterra's application has merit. Expect the Panel to make orders preventing the placement. Kinterra currently holds 19.3% of shares out and CAML <a href="https://announcements.asx.com.au/asxpdf/20250627/pdf/06l54cpllmtdf7.pdf" target="_blank" rel="noopener">12.08%</a>. </li>
</ul>


Suitors Central Asia Metals (CAML LN) and Kinterra Capital are locked at A$0.062/share bids apiece for copper play New World Resources (NWC AU).
Kinterra has tapped the Takeovers Panel after NWC failed to terminate the CAML placement "despite the relevant condition for the termination of that agreement having been satisfied".

Kinterra's application has merit. Expect the Panel to make orders preventing the placement. Kinterra currently holds 19.3% of shares out and CAML 12.08%. 


New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra's Bid

<ul>
<li>After market close, CAML acquired a total of 253.0 million <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a> shares via off-market trades, representing 7.08% of the outstanding shares, at A$0.062 per share.</li>
<li>
<a target="_blank">Central Asia Metals (CAML LN)</a>’s scheme and takeover offer has increased to A$0.062, a 12.7% premium to CAML’s previous A$0.055 offer and an 8.8% premium to Kinterra’s A$0.057 offer.</li>
<li>CAML and Kinterra's stake prevents the other from exercising compulsory acquisition rights. Despite CAML’s offer representing a 121.4% premium to the undisturbed price, there remains headroom for a bidding war. </li>
</ul>


After market close, CAML acquired a total of 253.0 million New World Resources (NWC AU) shares via off-market trades, representing 7.08% of the outstanding shares, at A$0.062 per share.

Central Asia Metals (CAML LN)’s scheme and takeover offer has increased to A$0.062, a 12.7% premium to CAML’s previous A$0.055 offer and an 8.8% premium to Kinterra’s A$0.057 offer.
CAML and Kinterra's stake prevents the other from exercising compulsory acquisition rights. Despite CAML’s offer representing a 121.4% premium to the undisturbed price, there remains headroom for a bidding war. 


New World Resources (NWC AU): CAML Raises to A$0.062, Next Move Kinterra

<ul>
<li>Kinterra has now firmed an off-market Offer for at A$0.057/share for copper-play <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>. There is no minimum acceptance condition.</li>
<li>Kinterra's Bidder's Statement will be dispatched no later than the 10th July, at which time the Offer will open.  A Target statement is expected 15 days later.</li>
<li>
<a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> has matchng rights. Expect those rights to be used.  </li>
</ul>


Kinterra has now firmed an off-market Offer for at A$0.057/share for copper-play New World Resources (NWC AU). There is no minimum acceptance condition.
Kinterra's Bidder's Statement will be dispatched no later than the 10th July, at which time the Offer will open.  A Target statement is expected 15 days later.

Central Asia Metals (CAML LN) has matchng rights. Expect those rights to be used.  


New World Resources (NWC AU): Kinterra Firms A$0.057/Share Off-Market Offer

Australia

New World Resources Limited produces and mines base metals. The Company focuses on exploration and development of copper and cobalt resources projects in North America. New World Resources operates worldwide.

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New World Resources (NWC AU)