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

European Lithium (EUR AU): IE Opines Not Fair but Reasonable; Scheme Vote on 22 October

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

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

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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/critical-metals-corp" target="_blank" data-smartkarma-citation="entities:48829:1" rel="noopener">Critical Metals (CRML US)</a> has replaced its previous <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> exchange ratio with a cap-and-floor ratio to partially offset a 48% decline in CRML shares since 28 April.</li>
<li>Based on CRML's current 20-day VWAP, the maximum exchange ratio of 0.045x applies, implying a revised consideration 28.6% higher than the previous offer.</li>
<li>If the CRML 20-day VWAP increases above US$12.00, EUR shareholders will be worse off with the revised offer. However, the likelihood of CRML’s shares almost doubling is remote.</li>
</ul>



Critical Metals (CRML US) has replaced its previous European Lithium (EUR AU) exchange ratio with a cap-and-floor ratio to partially offset a 48% decline in CRML shares since 28 April.
Based on CRML's current 20-day VWAP, the maximum exchange ratio of 0.045x applies, implying a revised consideration 28.6% higher than the previous offer.
If the CRML 20-day VWAP increases above US$12.00, EUR shareholders will be worse off with the revised offer. However, the likelihood of CRML’s shares almost doubling is remote.


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