In today’s briefing:
- Seven Group Reloads On Boral (BLD AU)
- Amman Mineral International Lockup Expiry – Large Lockup Expiry, Sitting on Sizeable Profits
- FXI Rebalance Preview: Three Potential Changes as Big Moves Unfold
- Boral (BLD AU): Seven Group (SVW AU)’s Carrot and Stick Offer
- Waaree Energies IPO- Forensic Analysis
- Crown Holdings: Initiation Of Coverage – How They’re Turning the Tables in North America – What’s Next? – Major Drivers
Seven Group Reloads On Boral (BLD AU)
- After Boral (BLD AU) rejected Seven Group (SVW AU)‘s $6.50/share Offer in 9 June 2021, Seven bumped to $7.30 cash if they got to 29.5%, and $7.40 if 34.5%.
- Seven reached 29.5% by July 1, 34.5% less than a week later, then 52.65% on the 15 July, and at the close of the Offer (29 July 2021), held 69.6%.
- Seven, now holding 71.6%, has made a cash/scrip Offer for shares not owned, with certain tendering thresholds triggering more cash. Terms are best & final.
Amman Mineral International Lockup Expiry – Large Lockup Expiry, Sitting on Sizeable Profits
- Amman Mineral Internasional (AMMN IJ) raised around US$714m in its Indonesia IPO, after pricing the deal at IDR1,695/share. Its eight-month lockup will expire on 21st Feb 2024.
- Amman Mineral International (AMI) carries out exploration, development, mining, and processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
FXI Rebalance Preview: Three Potential Changes as Big Moves Unfold
- With the review period complete, there could be 3 changes for the iShares China Large-Cap (FXI) (FXI US) in March.
- CGN Power (1816 HK), Yankuang Energy (1171 HK) and China Coal Energy (1898 HK) could replace Wuxi Biologics (2269 HK), China Resources Beer (291 HK) and China Vanke (2202 HK).
- Short interest on China Vanke (H) (2202 HK) and Yankuang Energy Group (1171 HK) is higher than the other stocks and there could be covering on implementation day.
Boral (BLD AU): Seven Group (SVW AU)’s Carrot and Stick Offer
- Seven Group Holdings (SVW AU) has launched a takeover offer for Boral Ltd (BLD AU). The minimum consideration is A$6.05 (A$1.50 cash and 0.1116 SVW shares per BLD share).
- Based on SVW reaching certain voting thresholds, the offer could be increased by an additional A$0.20 cash per share, implying a maximum consideration of A$6.25 per share.
- While the low offer premium could deter acceptances, SVW aims to spur acceptances by warning it will delist BLD and not pay dividends for the foreseeable future.
Waaree Energies IPO- Forensic Analysis
- Waaree Energies Limited (0656504D IN) (WEL) has filed its DRHP. The company is the largest player in the Solar PV Modules manufacturing space in the country.
- The company has seen a sharp growth in sales in F23, backed by China plus one phenomemon.
- However, the financials do have a few talking points, such as high RPT, large inventory in transit, faster depreciating newer assets, etc.
Crown Holdings: Initiation Of Coverage – How They’re Turning the Tables in North America – What’s Next? – Major Drivers
- This is our first report on packaging products manufacturer, Crown Holdings, Inc.
- The management presented a comprehensive outline of their financial performance during their Q4 2023 earnings call, with a clear emphasis on their North American and Brazilian markets.
- The company launched with a comparison of adjusted earnings, revealing an increase from $1.17 in the prior-year quarter to $1.24 in the recent quarter.
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