Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 23- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> / <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>'s merger, and <a href="https://www.smartkarma.com/entities/atlantic-lithium-ltd" target="_blank" data-smartkarma-citation="entities:40322:1" rel="noopener">Atlantic Lithium (A11 AU)</a>'s Scheme.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>, and <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>.</li>
</ul>


I tally 23- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Regis Resources (RRL AU) / Vault Minerals Ltd (VAU AU)'s merger, and Atlantic Lithium (A11 AU)'s Scheme.
Key updates/news also took place on: Healius (HLS AU), Atlas Arteria (ALX AU), Humm Group (HUM AU), Guocoland Malaysia (GUOL MK), and China Shengmu Organic Milk (1432 HK).


Asia-Pac M&A Weekly Wrap: Regis/Vault, Atlantic Lithium, Atlas Arteria, Humm, China Shengmu

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>
<a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a> and <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> entered into a merger through a scheme of arrangement. The consideration is 0.6937 RRL shares per VAU share.</li>
<li>The deal is largely about chasing scale rather than about operational synergies. <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, the long-rumoured suitor for Vault, is unlikely to get involved. </li>
<li>The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and benign shareholder structure.</li>
</ul>



Vault Minerals Ltd (VAU AU) and Regis Resources (RRL AU) entered into a merger through a scheme of arrangement. The consideration is 0.6937 RRL shares per VAU share.
The deal is largely about chasing scale rather than about operational synergies. Genesis Minerals (GMD AU), the long-rumoured suitor for Vault, is unlikely to get involved. 
The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and benign shareholder structure.


Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

<ul>
<li>Gold fever continues down under as <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> and <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a> announce a A$11bn merger, creating the ASX's third largest gold miner.</li>
<li>By way of a Scheme, Regis is offering 0.6947 new shares for each Vault share. Post merger, Regis and Vault shareholders will hold 51% and 49% in the combined entity.</li>
<li>Both boards unanimously back the transaction, which is projected to complete late August, early September. Clean deal.</li>
</ul>


Gold fever continues down under as Regis Resources (RRL AU) and Vault Minerals Ltd (VAU AU) announce a A$11bn merger, creating the ASX's third largest gold miner.
By way of a Scheme, Regis is offering 0.6947 new shares for each Vault share. Post merger, Regis and Vault shareholders will hold 51% and 49% in the combined entity.
Both boards unanimously back the transaction, which is projected to complete late August, early September. Clean deal.


Regis Resources (RRL AU) & Vault Minerals (VAU AU) Claim Each Other

Travis Lundy

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world. It is rebalanced with constituent changes possible quarterly.</li>
<li>We expect three ADDs for March 2026, with a one-way flow of US$2.8bn.</li>
<li>Things are moving very quickly within the gold sector. That means the expected flows can turn on a dime because of the peculiarities of the construction of this index. </li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world. It is rebalanced with constituent changes possible quarterly.
We expect three ADDs for March 2026, with a one-way flow of US$2.8bn.
Things are moving very quickly within the gold sector. That means the expected flows can turn on a dime because of the peculiarities of the construction of this index. 


[Quiddity Index] MV Global Gold Miners Mar26: 3 ADDs Likely, US$2.8bn One-Way Flow

<ul>
<li>For May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.
The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [May 2026 Wrap]: Vault Minerals, Kakaku.com, Nippon Dry Chemical, Paltac Corporation

Australia

Vault Minerals Limited is an Australian gold producer and explorer. The Company operates the Darlot and King of the Hills gold mines in Western Australia's Eastern Goldfields, and holds a large exploration footprint in the district. Vault Minerals also holds an interest in the Siana and Mapawa gold projects in the Philippines.

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Vault Minerals Ltd (VAU AU)

Asia-Pac M&A Weekly Wrap: Regis/Vault, Atlantic Lithium, Atlas Arteria, Humm, China Shengmu

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

Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

The deal is largely about chasing scale rather than about operational synergies. The scheme vote is low risk due to a fair merger exchange ratio...

Arun George

Regis Resources (RRL AU) & Vault Minerals (VAU AU) Claim Each Other

Another straightforward, albeit, large gold merger. Trading at a gross/annualised spread of 5.4%/18% assuming late Aug completion. If you can take...

David Blennerhassett

[Quiddity Index] MV Global Gold Miners Mar26: 3 ADDs Likely, US$2.8bn One-Way Flow

As of now, the Global Gold Miners index in March could see 3 ADDs. One name could also move into the "Large" category. Interestingly, if it self...

Travis Lundy

Asia-Pac M&A [May 2026 Wrap]: Vault Minerals, Kakaku.com, Nippon Dry Chemical, Paltac Corporation

The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.

David Blennerhassett

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