Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 17th March, <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan (SPR AU)</a> agreed to merge with <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius (RMS AU)</a>. The cash/scrip merger combined operations around the Mount Magnet and Dalgaranga region in Western Australia.</li>
<li>The implied price of A$1.78/share was a 27.5% premium to 30-day VWAP.  The deal arrived after Spartan was outbid for <a href="https://www.smartkarma.com/entities/karora-resources-inc" target="_blank" data-smartkarma-citation="entities:40957:1" rel="noopener">Karora (KRR CN)</a>, and Spartan rebuffed <a href="https://www.smartkarma.com/entities/westgold-resources-ltd" target="_blank" data-smartkarma-citation="entities:24269:1" rel="noopener">Westgold (WGX AU)</a>'s approach.</li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250604/pdf/06kfgj8tm61bsl.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting on the 11th July, and expected implementation on or before the 31st July. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


On the 17th March, Spartan (SPR AU) agreed to merge with Ramelius (RMS AU). The cash/scrip merger combined operations around the Mount Magnet and Dalgaranga region in Western Australia.
The implied price of A$1.78/share was a 27.5% premium to 30-day VWAP.  The deal arrived after Spartan was outbid for Karora (KRR CN), and Spartan rebuffed Westgold (WGX AU)'s approach.

The Scheme Booklet is now out, with a Scheme Meeting on the 11th July, and expected implementation on or before the 31st July. The IE (BDO) says "fair &amp; reasonable".


Spartan Resources (SPR AU): 11th July Vote On Ramelius' Offer

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>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>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

<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

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>
<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> and <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources /Australi (SPR AU)</a> have signed a binding Transaction Implementation Deed to enter into a 'Transformational Combination'.</li>
<li>For each share of <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> held, shareholders will receive A$0.25 in cash and 0.6957 <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> shares, implying a value of A$1.78/share for <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources</a>.</li>
<li>The merger is expected to complete late July/ early August, and the merged entity could be added to the S&amp;P/ASX 100 Index in September.</li>
</ul>



Ramelius Resources (RMS AU) and Spartan Resources /Australi (SPR AU) have signed a binding Transaction Implementation Deed to enter into a 'Transformational Combination'.
For each share of Spartan Resources (SPR AU) held, shareholders will receive A$0.25 in cash and 0.6957 Ramelius Resources (RMS AU) shares, implying a value of A$1.78/share for Spartan Resources.
The merger is expected to complete late July/ early August, and the merged entity could be added to the S&amp;P/ASX 100 Index in September.


Ramelius/Spartan Merger: MergeCo Close to ASX100 Index Inclusion

Australia

Spartan Resources Limited provides exploration and mining services. The Company explores and develops gold projects in Western Australia. Spartan Resources serves customers worldwide.

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Spartan Resources (SPR AU)