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): Evolution’s All-Scrip Scheme Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <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> IE considers <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>’s offer (0.0682 EVN shares per CNB share) fair and reasonable.</li>
<li>Evolution waived the ACCC condition on 17 September. The key condition is Carnaby shareholder approval (value and headcount test).</li>
<li>The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross/annualised spread was 0.4%/3.1%.</li>
</ul>


The Carnaby Resources (CNB AU) IE considers Evolution Mining (EVN AU)’s offer (0.0682 EVN shares per CNB share) fair and reasonable.
Evolution waived the ACCC condition on 17 September. The key condition is Carnaby shareholder approval (value and headcount test).
The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross/annualised spread was 0.4%/3.1%.


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