In today’s briefing:
- JSR (4185) – Time To Fight The FUD
- JSR Corporation (4185 JP): Risk/Reward as SAMR Approves Broadcom/VMware
- Lakes Blue Energy NL – A Partner for the Enterprise North Dance
JSR (4185) – Time To Fight The FUD
- Many months ago I suggested the JIC Tender Offer JSR Corp (4185 JP) was not overwhelmingly high-priced, but that it would be “heavy” for months to come.
- FUD and Flows would widen the spread. And they did.
- Now the time decay to expected approvals and tender offer start are getting steep. Time to Fight The FUD.
JSR Corporation (4185 JP): Risk/Reward as SAMR Approves Broadcom/VMware
- JSR Corp (4185 JP)’s pre-conditional tender offer from JIC is conditional on several regulatory approvals, notably China SAMR approval. JIC can waive the conditions precedent.
- A takeaway from the Broadcom (AVGO US)/VMware Inc Class A (VMW US) SAMR clearance is that if JIC is willing to commit to restrictive conditions, SAMR approval can be obtained.
- On 6 November, JSR reiterated a late December tender start. However, with time fast running out, the likely scenario is SAMR conditional approval with a delayed tender start.
Lakes Blue Energy NL – A Partner for the Enterprise North Dance
- Lakes Blue Energy NL (ASX:LKO) is a junior energy explorer with assets across southern and eastern Australia (and PNG).
- Having secured a farm-in deal, the company is set to return to exploration with the high-graded Enterprise North prospect set for drilling in H2 2024 subject to securing the requisite regulatory approvals.
- The success case of Enterprise North can also add material look-through upside to other Victorian opportunities.
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