In today’s briefing:
- Gold Road Enters Scheme With Gold Fields
- Gold Road (GOR AU): Gold Fields (GFI SJ) Attractive Scheme Offer
- Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks
- DYLLF: The Board has opted for a staged development approach at Tumas until uranium prices justify full-scale construction of a greenfield uranium project meanwhile
Gold Road Enters Scheme With Gold Fields
- Back on the 24th March, Gold Road (GOR AU) rejected an unsolicited offer from Gold Fields (GFI SJ) of $2.27/share cash plus GOR’s effective interest in De Grey Mining (DEG AU).
- GFI has now bumped the cash terms to $2.52/share or an all-in price of ~A$3.40/share, a 43% premium to undisturbed. This includes a A$0.35/share fully franked dividend (if paid).
- Conditions include the standard Scheme vote plus FIRB. 7.5% of shares out are supportive. Implementation is expected in October 2025.
Gold Road (GOR AU): Gold Fields (GFI SJ) Attractive Scheme Offer
- Gold Road Resources (GOR AU) has entered a scheme with Gold Fields Ltd (GFI SJ). The consideration is A$2.52 cash + value per share of Northern Star Resources (NST AU) stake.
- The proposal is a logical consolidation to eliminate dissynergies between the JV partners. The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges.
- The vote is low-risk, with irrevocables representing 7.51% of the outstanding shares. At the last close and for an early October payment, the gross/annualised spread was 4.1%/10.0%.
Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks
- On the 17th March, eftpos terminal provider Smartpay (SPY NZ/SMP AU) announced the receipt of two NBIOs
- One from Tyro (TYR AU) (@ NZ$1.00/share) and one from a third party (believed to be Shift4 (FOUR US)). Both parties were granted a limited period of commercial due diligence.
- After Shift4 (if indeed them) bumped terms to NZ$1.20/share/A$1.12/share, it was granted exclusivity on the 2nd May. Tyro has now walked.
DYLLF: The Board has opted for a staged development approach at Tumas until uranium prices justify full-scale construction of a greenfield uranium project meanwhile
- Deep Yellow Limited(DYLLF) Company Sponsored Research Report
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