Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li></ul>

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

<ul><li>Extra Edition of the Broker Call Report</li></ul>

Australian Broker Call *Extra* Edition - Jul 07, 2025

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/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources (SPR AU)</a> IE considers <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a>’s offer (A$0.25 cash per share + 0.6957 RMS shares per SPR share) fair and reasonable.</li>
<li>The offer is conditional on SPR shareholder approval. The vote remains low-risk and is aided by irrevocables (16.87% of outstanding shares). </li>
<li>This is a done deal. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.  </li>
</ul>


The Spartan Resources (SPR AU) IE considers Ramelius Resources (RMS AU)’s offer (A$0.25 cash per share + 0.6957 RMS shares per SPR share) fair and reasonable.
The offer is conditional on SPR shareholder approval. The vote remains low-risk and is aided by irrevocables (16.87% of outstanding shares). 
This is a done deal. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.  


Spartan Resources (SPR AU): Scheme Vote on 11 July

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> has entered a scheme with <a href="https://www.smartkarma.com/entities/gold-fields-ltd" target="_blank" data-smartkarma-citation="entities:25109:1" rel="noopener">Gold Fields Ltd (GFI SJ)</a>. The consideration is A$2.52 cash + value per share of <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a> stake.</li>
<li>The proposal is a logical consolidation to eliminate dissynergies between the JV partners. The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. </li>
<li>The vote is low-risk, with irrevocables representing 7.51% of the outstanding shares. At the last close and for an early October payment, the gross/annualised spread was 4.1%/10.0%.</li>
</ul>



Gold Road Resources (GOR AU) has entered a scheme with Gold Fields Ltd (GFI SJ). The consideration is A$2.52 cash + value per share of Northern Star Resources (NST AU) stake.
The proposal is a logical consolidation to eliminate dissynergies between the JV partners. The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. 
The vote is low-risk, with irrevocables representing 7.51% of the outstanding shares. At the last close and for an early October payment, the gross/annualised spread was 4.1%/10.0%.


Gold Road (GOR AU): Gold Fields (GFI SJ) Attractive Scheme Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> has rejected a non-binding proposal from <a href="https://www.smartkarma.com/entities/gold-fields-ltd-434088e3-4626-4b0b-a6ec-acfc202c86d8" target="_blank" data-smartkarma-citation="entities:28563:1" rel="noopener">Gold Fields (GFI US)</a>. The offer is A$2.27 plus value per share of Gold Road’s shareholding in De Grey.</li>
<li>The Board has rejected the offer mainly due to opportunistic timing and no value attributed to the potential underground expansion of the Gruyere mine (Gold Road/Gold Fields are JV partners).</li>
<li>The proposal is a logical consolidation to eliminate dis-synergies. The offer is reasonable compared to peer multiples, precedent transactions and historical trading ranges. </li>
</ul>



Gold Road Resources (GOR AU) has rejected a non-binding proposal from Gold Fields (GFI US). The offer is A$2.27 plus value per share of Gold Road’s shareholding in De Grey.
The Board has rejected the offer mainly due to opportunistic timing and no value attributed to the potential underground expansion of the Gruyere mine (Gold Road/Gold Fields are JV partners).
The proposal is a logical consolidation to eliminate dis-synergies. The offer is reasonable compared to peer multiples, precedent transactions and historical trading ranges. 


Gold Road (GOR AU): Rejects an NBIO from Gold Fields (GFI US)

Australia

Ora Banda Mining Limited provides mining services. The Company explores and develops mineral properties. Ora Banda Mining serves customers in Australia.

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Ora Banda Mining (OBM AU)

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

Australian Broker Call Extra Edition - Jul 07, 2025

Extra Edition of the Broker Call Report

FNArena

Spartan Resources (SPR AU): Scheme Vote on 11 July

This is a done deal, in part due to the irrevocables. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.

Arun George

Gold Road (GOR AU): Gold Fields (GFI SJ) Attractive Scheme Offer

The vote is low-risk, with irrevocables representing 7.51% of the outstanding shares. At the last close and for an early October payment, the gross...

Arun George

Gold Road (GOR AU): Rejects an NBIO from Gold Fields (GFI US)

The proposal is a logical consolidation to eliminate dis-synergies. The offer, while not a knockout bid, is reasonable. The offer disclosure will...

Arun George

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