Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Thematic (Sector/Industry)

<ul>
<li>Navigating the ESG landscape is challenging for small and mid-caps</li>
<li>For smaller companies access to competitively priced capital is perhaps the single most important challenge</li>
<li>ESG / Sustainability Report provides an opportunity for small and mid-cap miners on the ASX</li>
</ul>


Navigating the ESG landscape is challenging for small and mid-caps
For smaller companies access to competitively priced capital is perhaps the single most important challenge
ESG / Sustainability Report provides an opportunity for small and mid-cap miners on the ASX


ESG Sustainability Report 2023 Metals & Mining ASX 13062023.pdf

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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>The IFA has concluded that the Widjaja family’s offer for <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a> is fair and reasonable. The EGM will be held on 9 June. </li>
<li>The IFA has justified its conclusion based on a convoluted methodology that has serious flaws. A fairer SOTP valuation is 37% higher than the IFA’s SOTP valuation range.</li>
<li>Notably, <a href="https://www.smartkarma.com/entities/dian-swastatika-sentosa-tbk" target="_blank" data-smartkarma-citation="entities:15281:1" rel="noopener">Dian Swastatika Sentosa (DSSA IJ)</a> will abstain from voting on both resolutions. While the prospect of a bump is diminishing, the offeror is yet to declare the offer final. </li>
</ul>


The IFA has concluded that the Widjaja family’s offer for Golden Energy &amp; Resources (GER SP) is fair and reasonable. The EGM will be held on 9 June. 
The IFA has justified its conclusion based on a convoluted methodology that has serious flaws. A fairer SOTP valuation is 37% higher than the IFA’s SOTP valuation range.
Notably, Dian Swastatika Sentosa (DSSA IJ) will abstain from voting on both resolutions. While the prospect of a bump is diminishing, the offeror is yet to declare the offer final. 


Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

<ul>
<li>A battle is brewing between <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a> and <a href="https://www.smartkarma.com/entities/silver-lake-resources-ltd" target="_blank" data-smartkarma-citation="entities:6529:1" rel="noopener">Silver Lake Resources (SLR AU)</a> for <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara Ltd (SBM AU)</a>’s Leonora assets. SLR's revised proposal addresses some Board's concerns.</li>
<li>SLR’s revised offer which shortens the completion timeline, is fully funded and higher than GMD’s offer, pressures the Board to engage to create a bidding war. </li>
<li>Irrespective of the winning bidder, SBM is attractive, and the shares offer a free option on realising value from its remaining assets and investment portfolio.    </li>
</ul>


A battle is brewing between Genesis Minerals (GMD AU) and Silver Lake Resources (SLR AU) for St Barbara Ltd (SBM AU)’s Leonora assets. SLR's revised proposal addresses some Board's concerns.
SLR’s revised offer which shortens the completion timeline, is fully funded and higher than GMD’s offer, pressures the Board to engage to create a bidding war. 
Irrespective of the winning bidder, SBM is attractive, and the shares offer a free option on realising value from its remaining assets and investment portfolio.    


St Barbara (SBM AU): Silver Lake and Genesis Minerals Brewing Battle Creates Option Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dian-swastatika-sentosa-tbk" target="_blank" data-smartkarma-citation="entities:15281:1" rel="noopener">Dian Swastatika Sentosa (DSSA IJ)</a>/DSS shareholders have approved the sale of DSS' 77.49% stake in <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a> to the Widjaja family. </li>
<li>No objection has also been received from the OJK and IDX. The make-for-break condition is the GEAR shareholder approval of the distribution resolution, which DSS will abstain from voting on. </li>
<li>Minorities and SIAS rightly claim that the revised offer remains light. A bump to the offer, particularly to the delisting offer price is S$0.181, is required for a done deal. </li>
</ul>



Dian Swastatika Sentosa (DSSA IJ)/DSS shareholders have approved the sale of DSS' 77.49% stake in Golden Energy &amp; Resources (GER SP) to the Widjaja family. 
No objection has also been received from the OJK and IDX. The make-for-break condition is the GEAR shareholder approval of the distribution resolution, which DSS will abstain from voting on. 
Minorities and SIAS rightly claim that the revised offer remains light. A bump to the offer, particularly to the delisting offer price is S$0.181, is required for a done deal. 


Golden Energy (GER SP): Two Conditions Satisfied, Now for the Hard Part

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a> and <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara Ltd (SBM AU)</a> have dropped their merger plans. Instead, GMD will acquire SBM’s Leonora gold assets for a total consideration of A$600 million.</li>
<li>The transaction is favourable for GMD shareholders. GMD is getting the assets at an attractive price. GMD will fund the acquisition through a A$450 million placement at A$1.15 per share.</li>
<li>The transaction provides a way out for long-suffering SBM shareholders as they retain exposure to gold assets and have option value on the sale of SBM’s remaining assets.</li>
</ul>



Genesis Minerals (GMD AU) and St Barbara Ltd (SBM AU) have dropped their merger plans. Instead, GMD will acquire SBM’s Leonora gold assets for a total consideration of A$600 million.
The transaction is favourable for GMD shareholders. GMD is getting the assets at an attractive price. GMD will fund the acquisition through a A$450 million placement at A$1.15 per share.
The transaction provides a way out for long-suffering SBM shareholders as they retain exposure to gold assets and have option value on the sale of SBM’s remaining assets.


Genesis Minerals (GMD AU): Alternate Transaction and Placement to Buy St Barbara’s Key Assets

Australia

Bellevue Gold Limited operates as a mining company. The Company engages in the exploration and development of gold mines. Bellevue Gold serves customers in Australia.

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Bellevue Gold (BGL AU)

ESG Sustainability Report 2023 Metals & Mining ASX 13062023.pdf

This ESG report provides an opportunity for small and mid-cap miners on the ASX to show off their transparency and accountability to mitigating...

ACF Equity Research

Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

Minorities are in a strong position as DSS is required to abstain from voting on both resolutions. While the prospect of a bump is diminishing, the...

Arun George

St Barbara (SBM AU): Silver Lake and Genesis Minerals Brewing Battle Creates Option Value

Irrespective of the winning bidder, SBM is attractive, and the shares offer a free option on realising value from its remaining assets and...

Arun George

Golden Energy (GER SP): Two Conditions Satisfied, Now for the Hard Part

Two conditions were satisfied but the make-for-break condition is the approval of the distribution resolution. The offer remains light vs GEAR's...

Arun George

Genesis Minerals (GMD AU): Alternate Transaction and Placement to Buy St Barbara’s Key Assets

The alternative transaction is a good result for GMD (transformative acquisition at an attractive price) and SBM (a palatable plan to generate...

Arun George

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