Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> has registered the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02514701-6A1088688?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Scheme Booklet</a> with ASIC. The Scheme Meeting to vote on <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a>'s Offer will be held on the 1 June.</li>
<li>On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.</li>
<li>The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a>. WSA trading tight to terms. </li>
</ul>



Western Areas (WSA AU) has registered the Scheme Booklet with ASIC. The Scheme Meeting to vote on IGO Ltd (IGO AU)'s Offer will be held on the 1 June.
On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.
The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from BHP Group Ltd (BHP AU). WSA trading tight to terms. 


Western Areas: 1st June Scheme Meeting.  BHP's Competing Offer Looking Remote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO (IGO AU)</a> has bumped its Offer Price for <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> by 15.2% to A$3.87  from A$3.36. WSA unanimously recommends shareholders vote in favour of the Revised Scheme.</li>
<li>IGO entered into a consultation with WSA after an Independent Export draft indicated the initial Offer was not fair and reasonable, and WSA's shares were suspended on 7 April.</li>
<li>This now looks all stitched up with a Scheme Meeting expected next month, and implementation the month after. Unless <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> opts to crash the party.</li>
</ul>



IGO (IGO AU) has bumped its Offer Price for Western Areas (WSA AU) by 15.2% to A$3.87  from A$3.36. WSA unanimously recommends shareholders vote in favour of the Revised Scheme.
IGO entered into a consultation with WSA after an Independent Export draft indicated the initial Offer was not fair and reasonable, and WSA's shares were suspended on 7 April.
This now looks all stitched up with a Scheme Meeting expected next month, and implementation the month after. Unless BHP Group Ltd (BHP AU) opts to crash the party.


Western Areas Supports IGO's Revised Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> said it has no obligation, nor any current intention to increase the consideration for <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> in response to recent short-term events.</li>
<li>The Scheme timetable is, however, expected to face a short delay with implementation in May/June compared to April previously. </li>
<li>Currently trading comfortably through terms, as it has done since shortly after the invasion of Ukraine. </li>
</ul>



IGO Ltd (IGO AU) said it has no obligation, nor any current intention to increase the consideration for Western Areas (WSA AU) in response to recent short-term events.
The Scheme timetable is, however, expected to face a short delay with implementation in May/June compared to April previously. 
Currently trading comfortably through terms, as it has done since shortly after the invasion of Ukraine. 


Western Areas: IGO Firm On Pricing As Nickel Soars

<ul>
<li>Andrew Forrest's Wyloo Consolidated, with 9.8% of shares out, will now support the <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> / <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, just three weeks after paying through terms. </li>
<li>That pledge pivots off a newly-inked side agreement between IGO and Wyloo to jointly evaluate opportunities for nickel downstream processing in Australia.</li>
<li>This removes the immediate prospect of a competing Offer from Wyloo, and in turn, IGO's need to bump terms. Yet <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> still waits in the wings.</li>
</ul>


Andrew Forrest's Wyloo Consolidated, with 9.8% of shares out, will now support the IGO Ltd (IGO AU) / Western Areas (WSA AU), just three weeks after paying through terms. 
That pledge pivots off a newly-inked side agreement between IGO and Wyloo to jointly evaluate opportunities for nickel downstream processing in Australia.
This removes the immediate prospect of a competing Offer from Wyloo, and in turn, IGO's need to bump terms. Yet BHP Group (BHP AU) still waits in the wings.


Investors Caught Out As Twiggy Backs IGO's Offer For Western Areas

<ul>
<li>After <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> switched to an all-cash bid last week and entered into a Scheme Implementation Deed, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> has consistently traded through terms.</li>
<li>The key question is whether <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> will make a competing Offer. </li>
<li>BHP recently lost out to Andrew Forrest’s Wyloo Metals in the competitive bidding situation for <a href="https://www.smartkarma.com/entities/noront-resources-ltd" target="_blank" data-smartkarma-citation="entities:33397:1" rel="noopener">Noront Resources Ltd (NOSOF US)</a>, which boasts similar nickel mining reserves to Western Areas. </li>
</ul>


After IGO Ltd (IGO AU) switched to an all-cash bid last week and entered into a Scheme Implementation Deed, Western Areas (WSA AU) has consistently traded through terms.
The key question is whether BHP Group (BHP AU) will make a competing Offer. 
BHP recently lost out to Andrew Forrest’s Wyloo Metals in the competitive bidding situation for Noront Resources Ltd (NOSOF US), which boasts similar nickel mining reserves to Western Areas. 


Western Areas/IGO: Will BHP Crash The Party?

Australia

Western Areas Ltd is an Australian-based nickel sulphide producer which owns the Forrestania Nickel Project, along with development projects in Canada and Finland.  The Company has two producing nickel mines, Flying Fox and Spotted Quoll.

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Western Areas (WSA AU)

Western Areas: 1st June Scheme Meeting. BHP's Competing Offer Looking Remote

Trading at a gross/annualised spread of 0.5%/3.6%. if you're in, hold on for any possible (remote) Offer from BHP. If not in, I'd look elsewhere....

David Blennerhassett

Western Areas Supports IGO's Revised Offer

Trading 0.6% above terms. if you're in, hold on for any Offer from BHP. If not in, enter on any pullback. A BHP Offer is by no means a certainty;...

David Blennerhassett

Western Areas: IGO Firm On Pricing As Nickel Soars

Trading 3.4% through terms. If you are already in, a bump in terms is an outside possibility. If you are not in, I would not enter here, but at...

David Blennerhassett

Investors Caught Out As Twiggy Backs IGO's Offer For Western Areas

Trading tight at a gross/annualised return of 0.9%/4.7% assuming late April completion. Pricing for WSA appears full. But I would not rule out BHP...

David Blennerhassett

Western Areas/IGO: Will BHP Crash The Party?

I'd look to enter around here, or closer to terms. Taking Western Ars under the fold makes a lot of sense towards the self-sufficiency of BHP's...

David Blennerhassett

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