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

Carnaby Resources (CNB AU): Scheme Vote on 26 October

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Event-Driven

<ul>
<li>On 27 July, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a> entered a scheme with <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a> at 0.0682 EVN shares per CNB share, a 60.4% premium to the last close.</li>
<li>Regulatory approvals (ACCC) are low-risk. The exchange ratio is broadly in line with the 3-year average price ratio. </li>
<li>Despite retail opposition, the scheme vote should pass, particularly as Evolution's share price strength has increased the implied deal value by 33% from A$0.77 (deal announcement) to A$1.03 (last close). </li>
</ul>


On 27 July, Carnaby Resources (CNB AU) entered a scheme with Evolution Mining (EVN AU) at 0.0682 EVN shares per CNB share, a 60.4% premium to the last close.
Regulatory approvals (ACCC) are low-risk. The exchange ratio is broadly in line with the 3-year average price ratio. 
Despite retail opposition, the scheme vote should pass, particularly as Evolution's share price strength has increased the implied deal value by 33% from A$0.77 (deal announcement) to A$1.03 (last close). 


Carnaby Resources (CNB AU): Evolution’s All-Scrip Scheme Offer