IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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>On 29 November, the <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a> IE considered <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a>’s all-scrip offer fair and reasonable. The offer is 0.07 PLS share per LRS share. </li>
<li>The key conditions are LRS shareholder and Brazilian regulatory approvals. No disinterested shareholder holds the 25% blocking stake, and low retail ownership lowers the headcount test risk.</li>
<li>An attractive offer and the lack of a competing bidder suggest a done deal. At the last close, for the 4 February payment, the gross/annualised spread was 2.9%/18.8%.</li>
</ul>


On 29 November, the Latin Resources (LRS AU) IE considered Pilbara Minerals (PLS AU)’s all-scrip offer fair and reasonable. The offer is 0.07 PLS share per LRS share. 
The key conditions are LRS shareholder and Brazilian regulatory approvals. No disinterested shareholder holds the 25% blocking stake, and low retail ownership lowers the headcount test risk.
An attractive offer and the lack of a competing bidder suggest a done deal. At the last close, for the 4 February payment, the gross/annualised spread was 2.9%/18.8%.


Latin Resources (LRS AU): Pilbara Minerals (PLS AU)’s Scheme Vote on 16 January

<ul>
<li>On 15 August, <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a> disclosed a binding offer from <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a> at 0.07 PLS share per LRS share, a 66.3% premium to the undisturbed price. </li>
<li>The key condition is LRS shareholder approval. No disinterested shareholder holds the 25% blocking stake, and low retail ownership lowers the headcount test risk. </li>
<li>The Salinas definitive feasibility study, expected in September, provides option value. A strong result could draw a competing offer or force PLS into sweetening terms.  </li>
</ul>


On 15 August, Latin Resources (LRS AU) disclosed a binding offer from Pilbara Minerals (PLS AU) at 0.07 PLS share per LRS share, a 66.3% premium to the undisturbed price. 
The key condition is LRS shareholder approval. No disinterested shareholder holds the 25% blocking stake, and low retail ownership lowers the headcount test risk. 
The Salinas definitive feasibility study, expected in September, provides option value. A strong result could draw a competing offer or force PLS into sweetening terms.  


Latin Resources (LRS AU): Pilbara Minerals’ All-Scrip Offer

Australia

Pepinnini Minerals Limited acquires and explores mineral properties.  The Company is exploring for nickel, copper, gold, and uranium in Australia.

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Pepinnini Minerals (PNN AU)

Latin Resources (LRS AU): Pilbara Minerals (PLS AU)’s Scheme Vote on 16 January

An attractive offer and the lack of a competing bidder suggest a done deal. At the last close, for the 4 February payment, the gross/annualised...

Arun George

Latin Resources (LRS AU): Pilbara Minerals’ All-Scrip Offer

This is a done deal, with the September definitive feasibility study providing option value on a bump. At the last close and for the end-of...

Arun George

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