Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>We know that Bain knew that their mid-September overbid for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).</li>
<li>IF <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.</li>
<li>Despite the lower-than-expected bid optics compared to prior negotiations, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc-class-a" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.</li>
</ul>


We know that Bain knew that their mid-September overbid for Kakaku.com Inc (2371 JP) did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).
IF Sankei Real Estate (2972 JP) trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.
Despite the lower-than-expected bid optics compared to prior negotiations, ReNew Energy Global (RNW US)'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.


Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

<ul>
<li>After <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas (LYC AU)</a> tapped the market last year for $825mn, it was widely expected it had <a href="https://www.smartkarma.com/entities/viridis-mining-and-minerals-lt" target="_blank" data-smartkarma-citation="entities:40711:1" rel="noopener">Viridis Mining and Minerals (VMM AU)</a> or <a href="https://www.smartkarma.com/entities/meteoric-resources-nl" target="_blank" data-smartkarma-citation="entities:1747:1" rel="noopener">Meteoric Resources (MEI AU)</a> in mind. </li>
<li>As discussed in <a href="https://skr.ma/gF7Y8" target="_blank" rel="noopener">Meteoric Resources (MEI AU) Taps Market, As Washington Also Targets Brazil's Rare Earths</a>, Meteoric, one of a handful of Aussie-listed-plays developing Brazilian rare-earths, also tapped the market. </li>
<li>Now Lynas has made an all-scrip offer for Meteoric. Unanimous board support, plus largest shareholder. Lynas will also extend an interim loan facility. Possible implementation in March 2027. Clean deal.</li>
</ul>


After Lynas (LYC AU) tapped the market last year for $825mn, it was widely expected it had Viridis Mining and Minerals (VMM AU) or Meteoric Resources (MEI AU) in mind. 
As discussed in Meteoric Resources (MEI AU) Taps Market, As Washington Also Targets Brazil's Rare Earths, Meteoric, one of a handful of Aussie-listed-plays developing Brazilian rare-earths, also tapped the market. 
Now Lynas has made an all-scrip offer for Meteoric. Unanimous board support, plus largest shareholder. Lynas will also extend an interim loan facility. Possible implementation in March 2027. Clean deal.


Meteoric Resources (MEI AU): Lynas' Clean, And Widely Expected, 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/meteoric-resources-nl" target="_blank" data-smartkarma-citation="entities:1747:1" rel="noopener">Meteoric Resources Nl (MEI AU)</a> owns Brazil's Caldeira ionic clay project. It has agreed a scheme with <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a> at 0.0207 LYC shares per share, implying A$0.286.</li>
<li>The offer looks attractive. It values Meteoric at a premium to its closest listed peer, <a href="https://www.smartkarma.com/entities/viridis-mining-and-minerals-lt" target="_blank" data-smartkarma-citation="entities:40711:1" rel="noopener">Viridis Mining and Minerals Lt (VMM AU)</a>, and is above historical exchange ratios.</li>
<li>The vote looks low risk. No disinterested holder has a blocking stake, substantial shareholder Tolga Kumova supports the scheme, and the small retail base makes the headcount test low risk.</li>
</ul>



Meteoric Resources Nl (MEI AU) owns Brazil's Caldeira ionic clay project. It has agreed a scheme with Lynas Corp Ltd (LYC AU) at 0.0207 LYC shares per share, implying A$0.286.
The offer looks attractive. It values Meteoric at a premium to its closest listed peer, Viridis Mining and Minerals Lt (VMM AU), and is above historical exchange ratios.
The vote looks low risk. No disinterested holder has a blocking stake, substantial shareholder Tolga Kumova supports the scheme, and the small retail base makes the headcount test low risk.


Meteoric Resources (MEI AU): Lynas All-Scrip Offer, Scheme Vote Low Risk

External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Viridis Mining and Minerals Lt / Equity Bottom-Up

<ul><li>VMM has released its Scoping Study for the Colossus project.</li><li>Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released last year.</li><li>Most importantly, Colossus demonstrated it was economic even at today’s low prices of US$60/kg NdPr delivering an NPV8% of US$388mn. We retain our 12-month Target Price of A$1.00/sh and Spec. Buy Recommendation as VMM looks undervalued.</li><li>However, we maintain that funding Colossus into a reality looks very challenging given VMM’s small market cap. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VMM has released its Scoping Study for the Colossus project.Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released last year.Most importantly, Colossus demonstrated it was economic even at today’s low prices of US$60/kg NdPr delivering an NPV8% of US$388mn. We retain our 12-month Target Price of A$1.00/sh and Spec. Buy Recommendation as VMM looks undervalued.However, we maintain that funding Colossus into a reality looks very challenging given VMM’s small market cap. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viridis Mining and Minerals Ltd - Colossus Scoping Study Release

<ul><li>VMM has achieved first production of mixed rare earth carbonate (MREC) from a bulk sample from 36 diamond cores across the Northern Concessions.</li><li>Met testing by ANSTO has returned strong TREO (60%) and MREO recoveries (Pr: 77%, Nd: 76%, Dy: 67% &amp; Tb: 71%) using standard Amsul leaching.</li><li>Our diluted base case NAV increases by 33% from A$1.96/sh to A$2.61/sh with the new recoveries. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VMM has achieved first production of mixed rare earth carbonate (MREC) from a bulk sample from 36 diamond cores across the Northern Concessions.Met testing by ANSTO has returned strong TREO (60%) and MREO recoveries (Pr: 77%, Nd: 76%, Dy: 67% &amp; Tb: 71%) using standard Amsul leaching.Our diluted base case NAV increases by 33% from A$1.96/sh to A$2.61/sh with the new recoveries. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viridis Mining and Minerals Ltd - Maiden Sample of MREC Produced

Australia

Viridis Mining and Minerals Limited operates as a mineral exploration company. The Company focused on a portfolio of coal assets located in Indonesia.

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Viridis Mining and Minerals Lt (VMM AU)

Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

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

Meteoric Resources (MEI AU): Lynas' Clean, And Widely Expected, Offer

Clean deal. And trading tight (0.5% gross spread as I type). If you can take down borrow cheaply on Lynas, look to short it against Meteoric

David Blennerhassett

Meteoric Resources (MEI AU): Lynas All-Scrip Offer, Scheme Vote Low Risk

Lynas' all-scrip bid for Meteoric (A$0.286, a 68.4% premium) values Caldeira at a premium to its closest listed peer. Vote risk is low: no blocking...

Arun George

Viridis Mining and Minerals Ltd - Colossus Scoping Study Release

Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released...

Ord Minnett

Viridis Mining and Minerals Ltd - Maiden Sample of MREC Produced

VMM has achieved first production of mixed rare earth carbonate (MREC) from a bulk sample from 36 diamond cores across the Northern Concessions.

Ord Minnett

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