Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Buy <a href="https://www.smartkarma.com/entities/hankyu-hanshin-reit-inc" target="_blank" data-smartkarma-citation="entities:12654:1" rel="noopener">Hankyu Hanshin REIT, Inc. (8977 JP)</a> on any weakness. There will be strength ahead.</li>
<li>With <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. </li>
<li>Be long <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu (5019 JP)</a> vs <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS</a> for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.</li>
</ul>


Buy Hankyu Hanshin REIT, Inc. (8977 JP) on any weakness. There will be strength ahead.
With ENN Energy (2688 HK) suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. 
Be long Idemitsu (5019 JP) vs ENEOS for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.


Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

Shinko Electric Industries / Event-Driven

<ul>
<li>I tally 52 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week: the <a href="https://www.smartkarma.com/entities/westgold-resources-ltd" target="_blank" data-smartkarma-citation="entities:24269:1" rel="noopener">Westgold Resources (WGX AU)</a>/<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> merger, and <a href="https://www.smartkarma.com/entities/econavista-inc" target="_blank" data-smartkarma-citation="entities:39958:1" rel="noopener">EcoNaviSta (5585 JP)</a>'s Tender Offer.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a>,<a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>.</li>
</ul>


I tally 52 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week: the Westgold Resources (WGX AU)/Spartan Resources (SPR AU) merger, and EcoNaviSta (5585 JP)'s Tender Offer.
Key updates/news took place on: Dropsuite Ltd (DSE AU),Shandong Fengxiang (9977 HK), Proto Corp (4298 JP), and Shinko Electric Industries (6967 JP).


(Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric

<ul>
<li>After being outbid for <a href="https://www.smartkarma.com/entities/karora-resources-inc" target="_blank" data-smartkarma-citation="entities:40957:1" rel="noopener">Karora Resources (KRR CN)</a> and rebuffed by <a href="https://www.smartkarma.com/entities/westgold-resources-ltd" target="_blank" data-smartkarma-citation="entities:24269:1" rel="noopener">Westgold Resources (WGX AU)</a>, <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>has inked a merger with <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>.
</li>
<li>The cash scrip merger - with Ramelius shareholders holding 60.5% of MergeCo - combines operations around the Mount Magnet and Dalgaranga region in Western Australia.</li>
<li>Spartan shareholder will receive A$0.25/share in cash and 0.6957 new Ramelius, or an implied price of A$1.78/share at the time of the merger, and a 27.5% premium to 30-day VWAP. </li>
</ul>


After being outbid for Karora Resources (KRR CN) and rebuffed by Westgold Resources (WGX AU), Ramelius Resources (RMS AU)has inked a merger with Spartan Resources (SPR AU).

The cash scrip merger - with Ramelius shareholders holding 60.5% of MergeCo - combines operations around the Mount Magnet and Dalgaranga region in Western Australia.
Spartan shareholder will receive A$0.25/share in cash and 0.6957 new Ramelius, or an implied price of A$1.78/share at the time of the merger, and a 27.5% premium to 30-day VWAP. 


Ramelius-Spartan Merger As Gold Ekes Out New Highs

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Equity Bottom-Up

<ul><li>Ramelius and Spartan announce a transformational combination deal</li><li>Deal includes 25 cents cash kicker and 0.6957 Ramelius shares for Spartan shareholders</li><li>Top three Spartan shareholders, excluding Ramelius, support deal with combined 19% ownership stake</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Ramelius and Spartan announce a transformational combination dealDeal includes 25 cents cash kicker and 0.6957 Ramelius shares for Spartan shareholdersTop three Spartan shareholders, excluding Ramelius, support deal with combined 19% ownership stakeThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Will Ramelius have competition for Spartan?

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>On 17 March, <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> entered a binding scheme with <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>. Spartan shareholders will receive A$0.25 cash + 0.6957 RMS shares per SPR share. </li>
<li>The scheme vote is low risk as Ramelius has secured irrevocable commitments from Tembo Capital, 1832 Asset Management, and Fourth Sail Capital (18.89% of outstanding shares). </li>
<li>The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. The scheme meeting is targeted for mid-July. </li>
</ul>


On 17 March, Spartan Resources (SPR AU) entered a binding scheme with Ramelius Resources (RMS AU). Spartan shareholders will receive A$0.25 cash + 0.6957 RMS shares per SPR share. 
The scheme vote is low risk as Ramelius has secured irrevocable commitments from Tembo Capital, 1832 Asset Management, and Fourth Sail Capital (18.89% of outstanding shares). 
The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. The scheme meeting is targeted for mid-July. 


Spartan Resources (SPR AU): Ramelius Resources (RMS AU) Attractive Offer

Australia

Ramelius Resources Limited is a gold exploration and production company with exploration activities focused in Western Australia.  The Company also explores for base metals.

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Ramelius Resources (RMS AU)

Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Ramelius-Spartan Merger As Gold Ekes Out New Highs

This is all stiched up. No competing Offer will emerge. Trading tight at 1.5%. If you can take down borrow cheaply on Ramelius, do so.

David Blennerhassett

Will Ramelius have competition for Spartan?

The episode focused on Ramelius and Spartan reaching a deal where Ramelius offered 25 cents cash kicker per share for Spartan shareholders, with...

Money of Mine

Spartan Resources (SPR AU): Ramelius Resources (RMS AU) Attractive Offer

The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. The scheme meeting is targeted for mid-July.

Arun George

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