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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> has disclosed a revised offer from <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a> at A$0.19 cash per share and 0.0967 SVM shares per ORR share.</li>
<li>The revised offer was necessitated due to the decline in SVM shares. Since 7 August, the revised offer is, on average, 7.8% higher than the previous offer.</li>
<li>Directors and irrevocables represent around 20% of voting rights. The revised offer should help the scheme get up. At the last close, the gross spread was 8.6%.</li>
</ul>



Orecorp Ltd (ORR AU) has disclosed a revised offer from Silvercorp Metals (SVM US) at A$0.19 cash per share and 0.0967 SVM shares per ORR share.
The revised offer was necessitated due to the decline in SVM shares. Since 7 August, the revised offer is, on average, 7.8% higher than the previous offer.
Directors and irrevocables represent around 20% of voting rights. The revised offer should help the scheme get up. At the last close, the gross spread was 8.6%.


OreCorp (ORR AU): Silvercorp Returns with a Higher Offer

<ul>
<li>The <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> IE considers <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a>’s A$0.15 cash per share and 0.0967 SVM shares per ORR share offer fair and reasonable. </li>
<li>The offer is subject to the Tanzanian Fair Competition Commission and shareholder approval. The offer is attractive compared to the adjusted exchange ratios and historical prices.</li>
<li>While the offer has suffered from the steep SVM share price decline, there has been no visible dissent from major shareholders. At the last close, the gross spread was 12.1%. </li>
</ul>


The Orecorp Ltd (ORR AU) IE considers Silvercorp Metals (SVM US)’s A$0.15 cash per share and 0.0967 SVM shares per ORR share offer fair and reasonable. 
The offer is subject to the Tanzanian Fair Competition Commission and shareholder approval. The offer is attractive compared to the adjusted exchange ratios and historical prices.
While the offer has suffered from the steep SVM share price decline, there has been no visible dissent from major shareholders. At the last close, the gross spread was 12.1%. 


OreCorp (ORR AU): A Wide Spread Heading into the 8 December Vote

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>SOE-Backed<a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener"></a><strong><a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener"> Zhaojin Mining Industry H (1818 HK)</a></strong>, China's fourth largest integrated gold producer, has tabled a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1030/2023103000015.pdf" target="_blank" rel="noopener">non-binding Offer</a> for Aussie-listed West African gold miner <strong><a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a></strong>.</li>
<li>The A$0.58/share cash Offer is a 36% premium to undisturbed. Zhaojin is seeking 50.1% of shares out, with 7.02% already held.</li>
<li>Conditions include a raft of PRC and Côte d’Ivoire regulatory approvals. None of these should face opposition. </li>
</ul>


SOE-Backed Zhaojin Mining Industry H (1818 HK), China's fourth largest integrated gold producer, has tabled a non-binding Offer for Aussie-listed West African gold miner Tietto Minerals Ltd (TIE AU).
The A$0.58/share cash Offer is a 36% premium to undisturbed. Zhaojin is seeking 50.1% of shares out, with 7.02% already held.
Conditions include a raft of PRC and Côte d’Ivoire regulatory approvals. None of these should face opposition. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a> has disclosed a conditional proposal from <a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener">Zhaojin Mining Industry H (1818 HK)</a> at A$0.58 per share, a 36.5% premium to the undisturbed price of A$0.425.</li>
<li>The offer is conditional on China and Cote d’Ivoire regulatory approvals (should be forthcoming) and a 50.1% minimum acceptance condition (which can be waived).</li>
<li>The offer is light compared to peer resource multiples and recent share prices. The presence of large Chinese shareholders is a stumbling block for a rival offer. </li>
</ul>



Tietto Minerals Ltd (TIE AU) has disclosed a conditional proposal from Zhaojin Mining Industry H (1818 HK) at A$0.58 per share, a 36.5% premium to the undisturbed price of A$0.425.
The offer is conditional on China and Cote d’Ivoire regulatory approvals (should be forthcoming) and a 50.1% minimum acceptance condition (which can be waived).
The offer is light compared to peer resource multiples and recent share prices. The presence of large Chinese shareholders is a stumbling block for a rival offer. 


Tietto Minerals (TIE AU): Zhaojin’s Conditional Off-Market Takeover Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> has entered a SID with <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a> at A$0.15 cash and 0.0967 SVM shares per ORR share, a 31.5% premium to the undisturbed price.</li>
<li>The offer is attractive compared to the adjusted exchange ratios and historical prices. However, the offer is light in comparison to peer multiples. </li>
<li>The bid could spur <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a>, a rumoured suitor, to show its hand. At the last close, the gross spread of the offer is 19.1%.</li>
</ul>



Orecorp Ltd (ORR AU) has entered a SID with Silvercorp Metals (SVM US) at A$0.15 cash and 0.0967 SVM shares per ORR share, a 31.5% premium to the undisturbed price.
The offer is attractive compared to the adjusted exchange ratios and historical prices. However, the offer is light in comparison to peer multiples. 
The bid could spur Perseus Mining (PRU AU), a rumoured suitor, to show its hand. At the last close, the gross spread of the offer is 19.1%.


OreCorp (ORR AU): Silvercorp’s Binding Proposal

Australia

West African Resources Ltd. is a gold exploration company. The Company acquires, explores, and develops resource projects in West Africa. West African holds mineral tenements covering the Boulsa Gold Project within central Burkina Faso as well as has applied for exploration permits over the Marandet Uranium Project, located in the Tim Mersoi Basin of northern Niger.

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West African Resources (WAF AU)

OreCorp (ORR AU): Silvercorp Returns with a Higher Offer

The revised offer was necessitated due to the decline in SVM shares. The revised offer should help the scheme get up. At the last close, the gross...

Arun George

OreCorp (ORR AU): A Wide Spread Heading into the 8 December Vote

While the offer has suffered from the steep SVM share price decline, there has been no visible dissent from major shareholders.

Arun George

Tietto (TIE AU): Zhaojin Makes An Offer

Trading tight at a 3.6% gross spread. I wouldn't chase it here. An alternative would be running a ruler over other Aussie-listed West African gold...

David Blennerhassett

Tietto Minerals (TIE AU): Zhaojin’s Conditional Off-Market Takeover Offer

The offer is light compared to peer resource multiples and recent share prices. The offer is conditional on regulatory approvals and a 50.1%...

Arun George

OreCorp (ORR AU): Silvercorp’s Binding Proposal

The offer is attractive compared to the adjusted exchange ratios and historical prices but light compared to peer multiples. The bid could spur...

Arun George

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