In today’s briefing:
- Azure Minerals (AZS AU): FIRB Approval Concerns Are Overdone
- SET50 Index Rebalance Preview: Three Potential Changes in June
- ADX Energy (ASX: ADX): Restarting production at Anshof
Azure Minerals (AZS AU): FIRB Approval Concerns Are Overdone
- Azure Minerals (AZS AU) shareholders have overwhelmingly approved the dual-track bid from Sociedad Quimica y Minera de Chile (SQM US) and Hancock. The scheme offer is A$3.70 per share.
- The shares fell 7%, seemingly due to concerns about FIRB approval sparked by FIRB’s request for an extension on 3 April and today’s AFR article on China’s Australian lithium holdings.
- FIRB approval should be forthcoming due to Tianqi Lithium (9696 HK) small indirect interest in Andover, Lithium Power International (LPI AU) precedent, and SQM and Tianqi’s strained relationship.
SET50 Index Rebalance Preview: Three Potential Changes in June
- Nearing the halfway mark in the review period, we see 3 potential changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the June rebalance.
- Passive trackers will need to buy between 1.2-4.5 days of ADV on the inclusions and sell 0.9-1.3 days of ADV on the deletions.
- Berli Jucker (BJC TB) continues to be a close add on liquidity while Gulf Energy Development (GULF TB) and Intouch Holdings (INTUCH TB) continue to be close deletes.
ADX Energy (ASX: ADX): Restarting production at Anshof
- The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water.
- The operation has been undertaken in line with expectations and within budget.
- The oil production rate at Anshof-3 is 16% above the rate prior to shut-in.
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