IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a> has launched an all-scrip off-market takeover offer at 1 MIN share for every 1,367 <a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest Energy Nl (NWE AU)</a> shares, a 33.3% premium to undisturbed price.</li>
<li>There is no minimum acceptance condition, and the offer is only subject to prescribed occurrences. The timing is opportunistic and motivated by recent Perth Basin consolidation activity. </li>
<li>While the offer implies a premium to historical prices, the gross exchange ratio is unattractive. MIN’s key aim is privatisation, and a bump is likely required to achieve that goal.</li>
</ul>



Mineral Resources (MIN AU) has launched an all-scrip off-market takeover offer at 1 MIN share for every 1,367 Norwest Energy Nl (NWE AU) shares, a 33.3% premium to undisturbed price.
There is no minimum acceptance condition, and the offer is only subject to prescribed occurrences. The timing is opportunistic and motivated by recent Perth Basin consolidation activity. 
While the offer implies a premium to historical prices, the gross exchange ratio is unattractive. MIN’s key aim is privatisation, and a bump is likely required to achieve that goal.


Norwest Energy (NWE)’s Opportunistic Bid from Mineral Resources (MIN AU)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Iron ore and lithium play<a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener"></a><strong><a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener"> Mineral Resources (MIN AU)</a></strong> is offering one new share for every 1,367 <strong><a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest Energy (NWE AU)</a></strong>, an onshore O&amp;G play, in an off-market takeover.</li>
<li>The implied value of A$0.06/share under the Offer represents a 27% premium to NWE's one-month VWAP.</li>
<li>MinRes currently owns 19.9% in Norwest. There is no minimum acceptance condition. This is done and will trade tight.</li>
</ul>


Iron ore and lithium play Mineral Resources (MIN AU) is offering one new share for every 1,367 Norwest Energy (NWE AU), an onshore O&amp;G play, in an off-market takeover.
The implied value of A$0.06/share under the Offer represents a 27% premium to NWE's one-month VWAP.
MinRes currently owns 19.9% in Norwest. There is no minimum acceptance condition. This is done and will trade tight.


MinRes' "Unconditional" Offer For Norwest

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beach-energy-ltd" target="_blank" data-smartkarma-citation="entities:795:1" rel="noopener">Beach Energy (BPT AU)</a>’s revised offer of A$0.25 per share was quickly gazumped by Hancock's revised off-market proposal of A$0.28 for <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>. All other terms remain unchanged.</li>
<li>Speculation that <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a> would also be a takeover target has resulted in its all-scrip offer rising to A$0.248 per share (at last close).</li>
<li>Expect another round of the takeover battle as the bidders are well capitalised and the strategic importance of Perth Basin as Australia’s premier onshore basin.</li>
</ul>



Beach Energy (BPT AU)’s revised offer of A$0.25 per share was quickly gazumped by Hancock's revised off-market proposal of A$0.28 for Warrego Energy (WGO AU). All other terms remain unchanged.
Speculation that Strike Energy (STX AU) would also be a takeover target has resulted in its all-scrip offer rising to A$0.248 per share (at last close).
Expect another round of the takeover battle as the bidders are well capitalised and the strategic importance of Perth Basin as Australia’s premier onshore basin.


Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing

Australia

Norwest Energy NL explores for petroleum both offshore and onshore.  The Company's core regions of operation are the northern Perth Basin and onshore southern England's Wessex Basin.

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Norwest Energy NL (NWE AU)

Norwest Energy (NWE)’s Opportunistic Bid from Mineral Resources (MIN AU)

At the last close, the gross spread is 0.7%. As MIN’s offer is scrip-based and far from a knockout offer, this likely needs a bump if MIN is to...

Arun George

MinRes' "Unconditional" Offer For Norwest

Aside from “prescribed occurrences”, the Offer is unconditional and there is no minimum acceptance condition. Take down borrow on MinRes and set up...

David Blennerhassett

Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing

Shares closed slightly above Hancock's offer. Expect another round of bids as the bidders are well capitalised and the strategic importance of...

Arun George

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