Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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 <em>should</em> 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

David Blennerhassett

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/dgo-gold-ltd" target="_blank" data-smartkarma-citation="entities:8312:1" rel="noopener">DGO Gold Ltd (DGO AU)</a></strong>'s board has recommended <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener"><strong>Gold Road Resources (GOR AU</strong>)</a>'s all-scrip off-market Offer.</li>
<li>The indicative Ofer price is a 28% premium to last close. A key condition is  80% minimum acceptance by DGO shareholders. </li>
<li>A successful Offer would give the Gruyere gold mine owner a foothold in <strong><a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a></strong>'s world-class Hemi Gold Discovery.</li>
</ul>



DGO Gold Ltd (DGO AU)'s board has recommended Gold Road Resources (GOR AU)'s all-scrip off-market Offer.
The indicative Ofer price is a 28% premium to last close. A key condition is  80% minimum acceptance by DGO shareholders. 
A successful Offer would give the Gruyere gold mine owner a foothold in De Grey Mining (DEG AU)'s world-class Hemi Gold Discovery.


Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

<ul>
<li>The Scheme Booklet for the Bardoc Gold - St Barbara Deal was published today. The Scheme Meeting will be held virtually at 1:00pm (Perth time) 30th March 2022.</li>
<li>The Independent Expert has concluded that, in the absence of a Superior Proposal, the Scheme is fair and reasonable and therefore in the best interests of Bardoc Scheme Shareholders.</li>
<li>Below is a discussion on the developments since my previous insight <a href="https://www.smartkarma.com/insights/bardoc-gold-st-barbara-merger" target="_blank" data-smartkarma-citation="insights:62699" rel="noopener">Bardoc Gold - St Barbara Merger</a>. </li>
</ul>


The Scheme Booklet for the Bardoc Gold - St Barbara Deal was published today. The Scheme Meeting will be held virtually at 1:00pm (Perth time) 30th March 2022.
The Independent Expert has concluded that, in the absence of a Superior Proposal, the Scheme is fair and reasonable and therefore in the best interests of Bardoc Scheme Shareholders.
Below is a discussion on the developments since my previous insight Bardoc Gold - St Barbara Merger. 


Bardoc - St Barbara Merger: Scheme Booklet Out; Still Wide + ASX200 Index Kicker

<div>
<p>Back on the 18th October, gold miner <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> made a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02436827-6A1056350?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">recommended takeover offer</a> for <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP. Apollo shareholders would receive 0.1375 Ramelius shares plus cash of $0.34 for every Apollo share held, in a roughly 39%/61% scrip/cash split. The Offer had the unanimous backing of Apollo's board, and Apollo directors holding 13.7% of shares out would tender their shares into the Offer. The Offer was conditional on 90% minimum acceptance by Apollo shareholders.</p>
</div>
<div>
<p>This looked like a done deal.</p>
<p>Then on the 21 October <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> made an unconditional off-market all-cash Offer  - <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02438747-6A1057185?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">at A$0.56/share</a>. Gold Road, holding 19.9% at the time of the announcement, also stood in the market at $0.56/share. </p>
<p>Yesterday, Ramelius bumped its Offer to <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02445673-2A1335292?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$0.62/share</a> comprising $0.34/share in cash plus 0.1778 Ramelius shares for Apollo shares. Ramelius also secured binding agreements to acquire a 19.9% shareholding in Apollo from Apollo’s board and Apollo’s second-largest shareholder.</p>
<p>The Bidder's Statement has been <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02446051-6A1060474?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">dispatched</a>, with a first closing date is on the 3 December. </p>
<p>The Offer is unconditional.</p>
<p>More below the fold.</p>
</div>


Back on the 18th October, gold miner Ramelius Resources (RMS AU) made a recommended takeover offer for Apollo Consolidated (AOP AU), by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP. Apollo shareholders would receive 0.1375 Ramelius shares plus cash of $0.34 for every Apollo share held, in a roughly 39%/61% scrip/cash split. The Offer had the unanimous backing of Apollo's board, and Apollo directors holding 13.7% of shares out would tender their shares into the Offer. The Offer was conditional on 90% minimum acceptance by Apollo shareholders.


This looked like a done deal.
Then on the 21 October Gold Road Resources (GOR AU) made an unconditional off-market all-cash Offer  - at A$0.56/share. Gold Road, holding 19.9% at the time of the announcement, also stood in the market at $0.56/share. 
Yesterday, Ramelius bumped its Offer to A$0.62/share comprising $0.34/share in cash plus 0.1778 Ramelius shares for Apollo shares. Ramelius also secured binding agreements to acquire a 19.9% shareholding in Apollo from Apollo’s board and Apollo’s second-largest shareholder.
The Bidder's Statement has been dispatched, with a first closing date is on the 3 December. 
The Offer is unconditional.
More below the fold.


Apollo (AOP AU)'s Shares Trading Through Ramelius' Revised Offer

<div>
<p><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 made a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02436827-6A1056350?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">recommended takeover offer</a> for <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP.</p>
</div>
<div>
<p>Apollo shareholders will receive 0.1375 Ramelius shares for every Apollo share held plus cash of $0.34 for each Apollo share, in a roughly 39%/61% scrip/cash split.</p>
</div>
<div>
<p>The Offer has the unanimous backing of Apollo's board and Apollo directors holding 13.7% of shares out will tender their shares into the Offer. The Offer is conditional on 90% minimum acceptance by Apollo shareholders.</p>
</div>
<div>
<p>This looks like a done deal.</p>
<p>The Apollo transaction roughly mirrors the deal structure of Ramelius' successful takeover of <a href="https://www.smartkarma.com/entities/spectrum-metals-ltd" target="_blank" data-smartkarma-citation="entities:2237:1" rel="noopener">Spectrum Metals (SPX AU)</a> last year and discussed in<em><a href="https://skr.ma/NUcy1" target="_blank" rel="noopener"> Spectrum Metals: Inside Ramelius' Wheelhouse</a></em>.</p>
</div>


Ramelius Resources (RMS AU) has made a recommended takeover offer for Apollo Consolidated (AOP AU), by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP.


Apollo shareholders will receive 0.1375 Ramelius shares for every Apollo share held plus cash of $0.34 for each Apollo share, in a roughly 39%/61% scrip/cash split.


The Offer has the unanimous backing of Apollo's board and Apollo directors holding 13.7% of shares out will tender their shares into the Offer. The Offer is conditional on 90% minimum acceptance by Apollo shareholders.


This looks like a done deal.
The Apollo transaction roughly mirrors the deal structure of Ramelius' successful takeover of Spectrum Metals (SPX AU) last year and discussed in Spectrum Metals: Inside Ramelius' Wheelhouse.


Ramelius (RMS AU) Adds Apollo To Its Portfolio

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)

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

DGO Recommends Gold Road's Firm Offer

Trading at a 1.3%/9% gross/annualised spread, assuming late May settlement. This is a long GOR, short DGO trade. I'm hearing borrow of ~25bps.

David Blennerhassett

Bardoc - St Barbara Merger: Scheme Booklet Out; Still Wide + ASX200 Index Kicker

The Scheme Booklet for the Bardoc Gold - St Barbara Deal was published today. The Scheme Meeting will be held on 30th March 2022. I expect the Deal...

Janaghan Jeyakumar, CFA

Apollo (AOP AU)'s Shares Trading Through Ramelius' Revised Offer

I think Gold Road may reload - but the Ramelius' Offer price is already a 91.5% premium to the six-month undisturbed VWAP. I question how much...

David Blennerhassett

Ramelius (RMS AU) Adds Apollo To Its Portfolio

Trading at a gross spread of 7.2% - similar to the gross spread at the time of Ramelius' Offer for Spectrum last year. I expect the deal to get...

David Blennerhassett

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