In today’s briefing:
- Judo Capital Placement – Clean up but past Deal Didn’t Do Well
- Ramelius-Spartan Merger As Gold Ekes Out New Highs
Judo Capital Placement – Clean up but past Deal Didn’t Do Well
- Bain and GIC looking to raise US$130m by selling their remaining stake in Judo Capital (JDO AU).
- The deal will be a large one to digest at 30.8 days of the stock’s three month ADV, representing 9.2% of its shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Ramelius-Spartan Merger As Gold Ekes Out New Highs
- After being outbid for Karora Resources (KRR CN) and rebuffed by Westgold Resources (WGX AU), Ramelius Resources (RMS AU)has inked a merger with Spartan Resources (SPR AU).
- The cash scrip merger – with Ramelius shareholders holding 60.5% of MergeCo – combines operations around the Mount Magnet and Dalgaranga region in Western Australia.
- Spartan shareholder will receive A$0.25/share in cash and 0.6957 new Ramelius, or an implied price of A$1.78/share at the time of the merger, and a 27.5% premium to 30-day VWAP.
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