In today’s briefing:
- Global Lithium (GL1 AU): Trading Wide To Titan’s A$1.15/Share Scheme
- OFX Group (OFX AU): The ASX Response Says “On Track,” The Market Says “Maybe Not”
- OFX Group (OFX AU)’s Shares Crater As DD Tarries. Added Tarrying This Morning
Global Lithium (GL1 AU): Trading Wide To Titan’s A$1.15/Share Scheme
- Mineral Resources (MIN AU)-backed Aussie lithium play Global Lithium Resources Ltd (GL1 AU), has entered into a Scheme with UAE-backed Titan Mining.
- Titan is offering $1.15/share, in cash, for each GL1 share, or a 73% premium to undisturbed. Titan is also providing GL1 with a loan to develop the Manna Lithium Project.
- GL1 directors, holding 12.5%, are supportive. The Scheme meeting is expected to be held in December. The Scheme requires FIRB & ACCC signing off. Expect scrutiny.
OFX Group (OFX AU): The ASX Response Says “On Track,” The Market Says “Maybe Not”
- Responding to an ASX price query after a 22.7% intraday fall, OFX Group (OFX AU) cited “meaningful progress” on the SID and is negotiating to extend Equals’ exclusivity beyond 25 September.
- Bulls cite OFX’s denial of undisclosed news, SID progress, Equals’ 2024 equity-financing precedent and the sell-off’s low traded value as signs a binding offer will follow.
- Bears argue stretched timelines and silence on financing signal Equals walking away or cutting the price. I estimate a deal break price range of A$0.40–0.50.
OFX Group (OFX AU)’s Shares Crater As DD Tarries. Added Tarrying This Morning
- On the 23rd July, international money transfer play OFX (OFX AU) announced a Process Deed with Equals Group, potentially leading to a A$1.00/share Offer by way of a Scheme
- A$1.00/Share represent a 108% premium to undisturbed. Equals Group was granted four weeks of due diligence. That DD window closed with no ASX announcement. My inquiries indicated all was good.
- After shares materially reversed, all-but-suggesting a busted deal, OFX finally announced DD had been extended to the 25th September. This morning, DD has been further extended to the 30th October.
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