Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/sandfire-resources-nl" target="_blank" data-smartkarma-citation="entities:1259:1" rel="noopener">Sandfire Resources Nl (SFR AU)</a> has <a href="https://www.sandfire.com.au/site/PDF/2385_0/SandfiretoAcquireMODResourcesAnnouncement" target="_blank" rel="noopener">reloaded</a> with an implied Scheme consideration of A$0.45 for <a href="https://www.smartkarma.com/entities/mod-resources-ltd" target="_blank" data-smartkarma-citation="entities:5925:1" rel="noopener">Mod Resources (MOD AU)</a>, a 45% premium to the closing price of A$0.31/share on the 24 June.
SFR had previously approached MOD with an A$0.38/share Indicative Offer back in <a href="https://www.asx.com.au/asxpdf/20190121/pdf/441zltx55vszrw.pdf" target="_blank" rel="noopener">January</a> this year.
MOD shareholders can elect either a cash consideration of A$0.45/share, subject to a cap of A$41.6mn (~25% of the Offer size) OR a scrip consideration of 0.0664 SFR shares for every 1 MOD shares.
The Offer has the unanimous backing of MOD's board who will vote their collective holdings of 7.02% for the Offer.
Metal Tiger, MOD's second largest shareholder and JV partner, will vote its 10.48% stake (&amp; up to 19.9% of shares out after the exercise of 40mn options) in favour of the scheme. The largest shareholder is AustalianSuper (11.78%).
The acquisition provides SFR with access to MOD's Botswana T3 copper prospects while bolting on additional (&amp; supplemental) supply to SFR's declining DeGrussa copper-gold mine in Western Australia.
The Offer is expected to complete late October/early November. The word on the street is that SFR beat out a number of suitors, both domestic and overseas, therefore a competing offer is a possibility. Expect this to trade tight to terms. 
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Quiddity's new <a href="https://skr.ma/vfAwp" target="_blank" data-smartkarma-citation="insights:29174" rel="noopener">Quiddity Australia M&amp;A Guide 2019</a> is now published with guidelines to the relevant rules, regulations, documentation, and pointers to the Australian M&amp;A landscape. There are several others in the series - watch for more to come shortly.
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Sandfire Resources Nl (SFR AU) has reloaded with an implied Scheme consideration of A$0.45 for Mod Resources (MOD AU), a 45% premium to the closing price of A$0.31/share on the 24 June.
SFR had previously approached MOD with an A$0.38/share Indicative Offer back in January this year.
MOD shareholders can elect either a cash consideration of A$0.45/share, subject to a cap of A$41.6mn (~25% of the Offer size) OR a scrip consideration of 0.0664 SFR shares for every 1 MOD shares.
The Offer has the unanimous backing of MOD's board who will vote their collective holdings of 7.02% for the Offer.
Metal Tiger, MOD's second largest shareholder and JV partner, will vote its 10.48% stake (&amp; up to 19.9% of shares out after the exercise of 40mn options) in favour of the scheme. The largest shareholder is AustalianSuper (11.78%).
The acquisition provides SFR with access to MOD's Botswana T3 copper prospects while bolting on additional (&amp; supplemental) supply to SFR's declining DeGrussa copper-gold mine in Western Australia.
The Offer is expected to complete late October/early November. The word on the street is that SFR beat out a number of suitors, both domestic and overseas, therefore a competing offer is a possibility. Expect this to trade tight to terms. 


Quiddity's new Quiddity Australia M&amp;A Guide 2019 is now published with guidelines to the relevant rules, regulations, documentation, and pointers to the Australian M&amp;A landscape. There are several others in the series - watch for more to come shortly.


MOD Resources Supports Latest Sandfire Offer

Australia

MOD Resources Ltd. is a mineral exploration and production company. The Company is focused on prospecting licences southwest of the Central Kalahari National Park the area of the Botswana copper project.

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MOD Resources Supports Latest Sandfire Offer

Sandfire Resources Nl (SFR AU) has reloaded with an implied Scheme consideration of A$0.45 for Mod Resources (MOD AU), a 45% premium to the closing...

David Blennerhassett