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>
<a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> has entered a SID with <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a> at A$0.15 cash and 0.0967 SVM shares per ORR share, a 31.5% premium to the undisturbed price.</li>
<li>The offer is attractive compared to the adjusted exchange ratios and historical prices. However, the offer is light in comparison to peer multiples. </li>
<li>The bid could spur <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a>, a rumoured suitor, to show its hand. At the last close, the gross spread of the offer is 19.1%.</li>
</ul>



Orecorp Ltd (ORR AU) has entered a SID with Silvercorp Metals (SVM US) at A$0.15 cash and 0.0967 SVM shares per ORR share, a 31.5% premium to the undisturbed price.
The offer is attractive compared to the adjusted exchange ratios and historical prices. However, the offer is light in comparison to peer multiples. 
The bid could spur Perseus Mining (PRU AU), a rumoured suitor, to show its hand. At the last close, the gross spread of the offer is 19.1%.


OreCorp (ORR AU): Silvercorp’s Binding Proposal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Western Australian-based miner <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">OreCorp Ltd (ORR AU)</a> has signed a Scheme Implementation Deed with Canada's <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc" target="_blank" data-smartkarma-citation="entities:25818:1" rel="noopener">Silvercorp Metals (SVM CN)</a>.</li>
<li>Assuming the Scheme is successful, OreCorp shareholders will receive A$0.15 in cash and 0.0967 new Silvercorp shares - or an implied value of A$0.60 - for each OreCorp share held.</li>
<li>A shareholder meeting is expected to be held in mid-November with implementation expected end-Nov, early-Dec. Separately, <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus (PRU AU)</a> is understood to be kicking OreCorp's tyres.</li>
</ul>


Western Australian-based miner OreCorp Ltd (ORR AU) has signed a Scheme Implementation Deed with Canada's Silvercorp Metals (SVM CN).
Assuming the Scheme is successful, OreCorp shareholders will receive A$0.15 in cash and 0.0967 new Silvercorp shares - or an implied value of A$0.60 - for each OreCorp share held.
A shareholder meeting is expected to be held in mid-November with implementation expected end-Nov, early-Dec. Separately, Perseus (PRU AU) is understood to be kicking OreCorp's tyres.


OreCorp Inks Deal With Silvercorp. Perseus In The Wings?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Changes to the S&amp;P/ASX indices, <a href="https://www.smartkarma.com/entities/vaneck-vectors-rare-earth-strategic-metals-etf" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Vectors Rare Earth/Strategic Metals ETF</a>, <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF</a>, <a href="https://www.smartkarma.com/entities/vaneck-vectors-aus-equal-wei" target="_blank" data-smartkarma-citation="entities:24297:1" rel="noopener">Vaneck Aus Equal Weight ETF</a>, and other indices will be implemented 17 March.</li>
<li>There are plenty of stocks with multiple days of ADV to trade. Some pre-positioning would have taken place prior to announcement and positions adjusted in the last couple of weeks.</li>
<li>There has been a reversal in stock performance over the last few weeks and short interest has moved a lot in some stocks.</li>
</ul>


Changes to the S&amp;P/ASX indices, VanEck Vectors Rare Earth/Strategic Metals ETF, VanEck Vectors Junior Gold Miners ETF, Vaneck Aus Equal Weight ETF, and other indices will be implemented 17 March.
There are plenty of stocks with multiple days of ADV to trade. Some pre-positioning would have taken place prior to announcement and positions adjusted in the last couple of weeks.
There has been a reversal in stock performance over the last few weeks and short interest has moved a lot in some stocks.


Australia: S&P/​ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/great-panther-mining-ltd" target="_blank" data-smartkarma-citation="entities:27466:1" rel="noopener">Great Panther (GPL US)</a> is a deletion from the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a>. There are a lot of float changes that will result in passive flows.</li>
<li>One way turnover is estimated at 3.4% and will result in a one-way trade of US$106m at the September rebalance.</li>
<li>Most index constituents have traded poorly over the last few months and the stocks with passive inflows could outperform their peers in the short-term.</li>
</ul>



Great Panther (GPL US) is a deletion from the VanEck Vectors Junior Gold Miners ETF (GDXJ US). There are a lot of float changes that will result in passive flows.
One way turnover is estimated at 3.4% and will result in a one-way trade of US$106m at the September rebalance.
Most index constituents have traded poorly over the last few months and the stocks with passive inflows could outperform their peers in the short-term.


MVIS Global Junior Gold Miners Index Rebalance: One Delete & Plenty of Float Changes

Travis Lundy

<ul>
<li>The <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> Scheme Meeting was held Friday, <a href="https://www.asx.com.au/asxpdf/20220715/pdf/45bwmksgwqgcfw.pdf" target="_blank" rel="noopener">approving</a> both General Scheme Resolution and Rollover Shares Scheme unanimously. The MBD Bidco deal is done. </li>
<li>Friday after the close, the S&amp;P DJI Global Index team announced that Uniti would be deleted from the ASX200 21 July at the close.</li>
<li>Gold miner <a href="https://www.smartkarma.com/entities/west-african-resources-ltd" target="_blank" data-smartkarma-citation="entities:18794:1" rel="noopener">West African Resources (WAF AU)</a> was chosen as the replacement. It's a decent-sized inclusion and should have been well-flagged last week but may have been ignored.</li>
</ul>


The Uniti Group Ltd (UWL AU) Scheme Meeting was held Friday, approving both General Scheme Resolution and Rollover Shares Scheme unanimously. The MBD Bidco deal is done. 
Friday after the close, the S&amp;P DJI Global Index team announced that Uniti would be deleted from the ASX200 21 July at the close.
Gold miner West African Resources (WAF AU) was chosen as the replacement. It's a decent-sized inclusion and should have been well-flagged last week but may have been ignored.


S&P/ASX200: West African Resources (WAF) Replaces Uniti (UWL) At 21 July Close

Australia

Perseus Mining Limited is a mining and exploration company. The Company acquires, explores, develops, mines, and produces gold. Perseus Mining conducts its mining operations in Africa and Australia.

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Perseus Mining (PRU AU)

OreCorp (ORR AU): Silvercorp’s Binding Proposal

The offer is attractive compared to the adjusted exchange ratios and historical prices but light compared to peer multiples. The bid could spur...

Arun George

OreCorp Inks Deal With Silvercorp. Perseus In The Wings?

As this is a cross-border trade, look to short Silvercorp (where available) late in the US day, and buy OreCorp early in the AU day. Or you may...

David Blennerhassett

Australia: S&P/ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Implementation of the S&P/ASX, REMX, GDXJ, MVA and other indices take place at the close on Friday. There will be a lot of passive flow going...

Brian Freitas

MVIS Global Junior Gold Miners Index Rebalance: One Delete & Plenty of Float Changes

There is only one deletion but there are a lot of stocks with free float changes. Estimated one way turnover is 3.4% resulting in a one-way trade...

Brian Freitas

S&P/ASX200: West African Resources (WAF) Replaces Uniti (UWL) At 21 July Close

Uniti Group's Scheme is approved delisting is Friday 22 July. As a result, S&P/ASX200 needs a new member Thursday at the close. That's West African...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

OreCorp (ORR AU): Silvercorp’s Binding Proposal

The offer is attractive compared to the adjusted exchange ratios and historical prices but light compared to peer multiples. The bid could spur...

Arun George

OreCorp Inks Deal With Silvercorp. Perseus In The Wings?

As this is a cross-border trade, look to short Silvercorp (where available) late in the US day, and buy OreCorp early in the AU day. Or you may...

David Blennerhassett

Australia: S&P/​ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Implementation of the S&P/ASX, REMX, GDXJ, MVA and other indices take place at the close on Friday. There will be a lot of passive flow going...

Brian Freitas

MVIS Global Junior Gold Miners Index Rebalance: One Delete & Plenty of Float Changes

There is only one deletion but there are a lot of stocks with free float changes. Estimated one way turnover is 3.4% resulting in a one-way trade...

Brian Freitas

S&P/ASX200: West African Resources (WAF) Replaces Uniti (UWL) At 21 July Close

Uniti Group's Scheme is approved delisting is Friday 22 July. As a result, S&P/ASX200 needs a new member Thursday at the close. That's West African...

Travis Lundy

Australia: S&P/ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday