Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 3rd March, dual-listed Alaskan gold/antimony play <a href="https://www.smartkarma.com/entities/nova-minerals-ltd" target="_blank" data-smartkarma-citation="entities:14238:1" rel="noopener">Nova Minerals (NVA AU)</a> proposed a US redomiciliation, leading to a primary listing on the NYSE and a secondary Aussie listing (CDI).</li>
<li>The move, as previously flagged last month, was predicated on Nova losing its foreign private issuer status, as the majority of its shares out are now held by US investors.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260422/pdf/06yqrtrh9cbd8w.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 29th May. The IE (RSM), not surprisingly, says the Scheme is in shareholders' best interest.</li>
</ul>


On the 3rd March, dual-listed Alaskan gold/antimony play Nova Minerals (NVA AU) proposed a US redomiciliation, leading to a primary listing on the NYSE and a secondary Aussie listing (CDI).
The move, as previously flagged last month, was predicated on Nova losing its foreign private issuer status, as the majority of its shares out are now held by US investors.

The Scheme Booklet is now out, with a Scheme Meeting on the 29th May. The IE (RSM), not surprisingly, says the Scheme is in shareholders' best interest.


Nova Minerals (NVA AU): 29th May Vote On US Redomiciliation

<ul>
<li>Dual-Listed (ASX, NASDAQ), Alaskan gold/antimony play <a href="https://www.smartkarma.com/entities/nova-minerals-ltd" target="_blank" data-smartkarma-citation="entities:14238:1" rel="noopener">Nova Minerals (NVA AU)</a> is proposing a US redomiciliation, leading to a primary listing on the NYSE and a secondary Aussie listing (CDI). </li>
<li>The move, as previously <a href="https://announcements.asx.com.au/asxpdf/20260204/pdf/06vy5gm71jr1r2.pdf" target="_blank" rel="noopener">flagged last month</a>, is predicated on Nova losing its foreign private issuer status, as the majority of its shares out are now held by US investors. </li>
<li>Separately, Nova candidly responded to a short seller's report that was "historical, selective, or non-material, and whether accurate or not, are wholly irrelevant to the Company’s operations, assets, or prospects".</li>
</ul>


Dual-Listed (ASX, NASDAQ), Alaskan gold/antimony play Nova Minerals (NVA AU) is proposing a US redomiciliation, leading to a primary listing on the NYSE and a secondary Aussie listing (CDI). 
The move, as previously flagged last month, is predicated on Nova losing its foreign private issuer status, as the majority of its shares out are now held by US investors. 
Separately, Nova candidly responded to a short seller's report that was "historical, selective, or non-material, and whether accurate or not, are wholly irrelevant to the Company’s operations, assets, or prospects".


<ul>
<li>For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

<ul>
<li>I tally xx - 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>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a> and <a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings Ltd (RDY AU)</a>. And <a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada (9831 JP)</a> and <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion (2730 JP)</a>negotiate a Holdco.</li>
<li>Key updates/news also took place on:<a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>, and <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>.</li>
</ul>


I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Cygnus Metals (CY5 AU) and ReadyTech Holdings Ltd (RDY AU). And Yamada (9831 JP) and Edion (2730 JP)negotiate a Holdco.
Key updates/news also took place on:Kakaku.com (2371 JP), Humm Group (HUM AU), oOh!Media Ltd (OML AU), Tyro Payments (TYR AU), Avarga (AVARGA SP), and Magnetic Resources Nl (MAU AU).


Asia-Pac Weekly Wrap: Kakaku.com, Cygnus Metals, ReadyTech, Humm, OOh!Media, Tyro Payments

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada (9831 JP)</a> and <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion Corp (2730 JP)</a>'s MOU to negotiate to form a Holdco,  also means that capital actions to improve shareholder returns are probably dead for a year.</li>
<li>IFM critiques the IE's fair value assessment of <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> and extends the offer period; amid minimal tendering. </li>
<li>
<a href="https://www.smartkarma.com/entities/kawasaki-kisen-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:3548:1" rel="noopener">Kawasaki Kisen Kaisha (9107 JP)</a>/KLINE upped their buyback plan from ¥50bn to ¥130bn and started with a big ToSTNeT-3.  Buy on weakness. Longer-term, be long and stay long.</li>
</ul>



Yamada (9831 JP) and Edion Corp (2730 JP)'s MOU to negotiate to form a Holdco,  also means that capital actions to improve shareholder returns are probably dead for a year.
IFM critiques the IE's fair value assessment of Atlas Arteria (ALX AU) and extends the offer period; amid minimal tendering. 

Kawasaki Kisen Kaisha (9107 JP)/KLINE upped their buyback plan from ¥50bn to ¥130bn and started with a big ToSTNeT-3.  Buy on weakness. Longer-term, be long and stay long.


Last Week In Event SPACE: Yamada/Edion, Atlas Arteria, Kawasaki Kisen Kaisha/KLINE, MGM China

Australia

Nova Minerals Limited offers mining services. The Company provides extraction, exploration, and production of gold, platinum-group elements, copper, chrome, nickel, and arsenic. Nova Minerals serves customers worldwide.

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Nova Minerals (NVA AU)