IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Australian Strategic Materials (ASM AU): Energy Fuels’ High Premium Offer Is Opportunistically Timed

Australian Strategic Materials (ASM AU): Scheme Vote on 22 June

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Event-Driven

Australian Strategic Materials / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a> IE opinion is unchanged that <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>’s offer (A$0.13 cash and 0.053 UUUU shares per ASM share) is fair and reasonable.</li>
<li>The IE valued ASM at A$0.490 to A$0.973 per share, which is 30%-39% lower than its previous valuation of A$0.809 to A$1.391 per share, due to production delays at KMP.</li>
<li>The scheme vote remains low risk. At the last close and for a 28 August payment, the gross/annualised spread was 0.7%/8.2%.</li>
</ul>


The Australian Strategic Materials (ASM AU) IE opinion is unchanged that Energy Fuels (UUUU US)’s offer (A$0.13 cash and 0.053 UUUU shares per ASM share) is fair and reasonable.
The IE valued ASM at A$0.490 to A$0.973 per share, which is 30%-39% lower than its previous valuation of A$0.809 to A$1.391 per share, due to production delays at KMP.
The scheme vote remains low risk. At the last close and for a 28 August payment, the gross/annualised spread was 0.7%/8.2%.


Australian Strategic Materials (ASM AU): Revised Scheme Vote on 12 August