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

Merger Arb Mondays (25 May) - Kakaku, Nippon Dry Chem, Skyworth, Changhong Jiahua, Shengmu, Qoria

European Lithium (EUR AU): CRML’s Revised Cap-And-Floor Exchange Ratio

Merger Arb Mondays (24 Aug) - Con Aero, Z Fin, European Lithium, Cygnus, OFX, Kakaku, Baudroie

European Lithium (EUR AU): Coming Full Circle with Critical Metals’ All-Scrip Proposal

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a> entered into a scheme implementation deed with <a target="_blank">Critical Metals (CRML US)</a> at 0.035 CRML shares per EUR share. </li>
<li>The offer remains light as it is worth less than net cash and the current value of the CRML stake, and attributes no value to EUR’s 7.5% stake in Tanbreez.</li>
<li>However, the lack of substantial shareholders and the strategic rationale for the deal suggest the vote will pass. The high spread (24%) largely reflects the inability to short CRML.</li>
</ul>



European Lithium (EUR AU) entered into a scheme implementation deed with Critical Metals (CRML US) at 0.035 CRML shares per EUR share. 
The offer remains light as it is worth less than net cash and the current value of the CRML stake, and attributes no value to EUR’s 7.5% stake in Tanbreez.
However, the lack of substantial shareholders and the strategic rationale for the deal suggest the vote will pass. The high spread (24%) largely reflects the inability to short CRML.


European Lithium (EUR AU): CRML’s Binding Proposal Remains Light