Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After <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> tabled a "superior" cash/scrip Offer, via a Scheme, for <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals (VAU AU)</a> on the 6th July, <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> folded its tent (as widely expected).  </li>
<li>Genesis subsequently firmed terms on the 14th July, offering 0.7629 new GMD shares for every Vault share, plus A$0.475/share in cash - for an implied Offer consideration of A$5.274/share.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20261006/pdf/0750g5r2k4c18c.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a 11th November Scheme Meeting, and expected implementation on the 25th November. The IE (BDO) concluded " fair and reasonable". Clean deal.</li>
</ul>


After Genesis Minerals (GMD AU) tabled a "superior" cash/scrip Offer, via a Scheme, for Vault Minerals (VAU AU) on the 6th July, Regis Resources (RRL AU) folded its tent (as widely expected).  
Genesis subsequently firmed terms on the 14th July, offering 0.7629 new GMD shares for every Vault share, plus A$0.475/share in cash - for an implied Offer consideration of A$5.274/share.

The Scheme Booklet is now out, with a 11th November Scheme Meeting, and expected implementation on the 25th November. The IE (BDO) concluded " fair and reasonable". Clean deal.


Vault Minerals (VAU AU): 11th Nov Vote On Genesis Minerals (GMD AU)'s 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>
<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> holders get 0.7629 <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> shares plus A$0.5125 cash per share. </li>
<li>The independent expert (BDO) found the scheme fair and reasonable, valuing Vault at A$4.697 to A$6.345, compared with the scheme's (default) consideration of A$3.751 to A$6.769.</li>
<li>The deal looks done. The ACCC waiver is in, and no shareholder holds a blocking stake. The large shareholders are mostly index funds, with few retail holders. </li>
</ul>



Vault Minerals Ltd (VAU AU) holders get 0.7629 Genesis Minerals (GMD AU) shares plus A$0.5125 cash per share. 
The independent expert (BDO) found the scheme fair and reasonable, valuing Vault at A$4.697 to A$6.345, compared with the scheme's (default) consideration of A$3.751 to A$6.769.
The deal looks done. The ACCC waiver is in, and no shareholder holds a blocking stake. The large shareholders are mostly index funds, with few retail holders. 


Vault Minerals (VAU AU): Genesis Scheme Heads to 11 November Vote with Completion Risk Low

<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/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a> entered into a scheme at 0.7629 GMD shares per VAU share + A$0.475 cash per share.</li>
<li>Genesis has long been rumoured to be a suitor for Vault because a combination of the two would create the dominant player in Western Australia’s most valuable gold-mining regions.</li>
<li>The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and the offer arising from a competitive bidding process.</li>
</ul>



Vault Minerals Ltd (VAU AU) and Genesis Minerals (GMD AU) entered into a scheme at 0.7629 GMD shares per VAU share + A$0.475 cash per share.
Genesis has long been rumoured to be a suitor for Vault because a combination of the two would create the dominant player in Western Australia’s most valuable gold-mining regions.
The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and the offer arising from a competitive bidding process.


Vault Minerals (VAU AU): Regis Walks as Genesis Emerges as the Winner

<ul>
<li>After <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> pitched a "superior" cash/scrip Offer for <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> on the <a href="https://announcements.asx.com.au/asxpdf/20260706/pdf/071dhlbn534zn5.pdf" target="_blank" rel="noopener">6th July</a>, <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> was expected to walk. <a href="https://announcements.asx.com.au/asxpdf/20260713/pdf/071mxy5kf9g04s.pdf" target="_blank" rel="noopener">And they did</a>. </li>
<li>This morning, Genesis/Vault <a href="https://announcements.asx.com.au/asxpdf/20260714/pdf/071p7s2kxlqn95.pdf" target="_blank" rel="noopener">firmed terms</a>: 0.7629 new shares for every Vault share, plus A$0.475/share in cash - for an implied value of A$5.274/share. Terms are unchanged from the 6th July.</li>
<li>The Offer is by way of a Scheme. Expect a Scheme Booklet by August/September, a meeting a month later, and expected implementation by October/November. Clean deal. </li>
</ul>


After Genesis Minerals (GMD AU) pitched a "superior" cash/scrip Offer for Vault Minerals Ltd (VAU AU) on the 6th July, Regis Resources (RRL AU) was expected to walk. And they did. 
This morning, Genesis/Vault firmed terms: 0.7629 new shares for every Vault share, plus A$0.475/share in cash - for an implied value of A$5.274/share. Terms are unchanged from the 6th July.
The Offer is by way of a Scheme. Expect a Scheme Booklet by August/September, a meeting a month later, and expected implementation by October/November. Clean deal. 


Genesis And Vault Firm Terms After Regis Walks

<ul>
<li>Back on the 5th May, West Aussie gold miners <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> announced a A$11bn scrip merger, by way of a Scheme. </li>
<li>What appeared to be another straightforward, albeit, large gold merger, has unravelled after <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> pitched a "superior" cash/scrip Offer yesterday morning.</li>
<li>Post merger, Genesis shareholders would  own ~59.8% of the combined company, and Vault ~40.2%; versus 51%/49% under Regis' terms. Regis has until the 13th July to match Genesis' terms.</li>
</ul>


Back on the 5th May, West Aussie gold miners Regis Resources (RRL AU) and Vault Minerals Ltd (VAU AU) announced a A$11bn scrip merger, by way of a Scheme. 
What appeared to be another straightforward, albeit, large gold merger, has unravelled after Genesis Minerals (GMD AU) pitched a "superior" cash/scrip Offer yesterday morning.
Post merger, Genesis shareholders would  own ~59.8% of the combined company, and Vault ~40.2%; versus 51%/49% under Regis' terms. Regis has until the 13th July to match Genesis' terms.


Genesis Crashes Regis & Vault's Party With Superior Terms

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)

Vault Minerals (VAU AU): 11th Nov Vote On Genesis Minerals (GMD AU)'s Offer

Trading at terms. This is done. If you can take down borrow (cheaply) in Genesis, do so, if not already. Expect Travis Lundy to issue an index...

David Blennerhassett

Vault Minerals (VAU AU): Genesis Scheme Heads to 11 November Vote with Completion Risk Low

Vault holders get 0.7629 Genesis shares + A$0.5125 cash. BDO deems it fair and reasonable (Vault A$4.70–6.35 vs offer A$3.75–6.77). ACCC cleared,...

Arun George

Vault Minerals (VAU AU): Regis Walks as Genesis Emerges as the Winner

The scheme vote is low risk due to a fair merger exchange ratio and the offer arising from a competitive bidding process. This is a done deal.

Arun George

Genesis And Vault Firm Terms After Regis Walks

Clean deal. I see the spread at a ~2.2%. If you can take down borrow cheaply in Genesis Minerals, do so, if not already.

David Blennerhassett

Genesis Crashes Regis & Vault's Party With Superior Terms

Ultimately I see Regis taking the break fee and walking. Regis shares were down ~7.5% ahead of Genesis' Offer, reflecting market concerns they're...

David Blennerhassett

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