Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Earlier today (30 March), <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a> said <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> would not agree to amend off-take agreement specifications, and will no longer accept lower-quality ore.</li>
<li>Mincor delivers 100% of its ore to BHP.  It will continue to deliver on-specification ore to BHP, but has withdrawn its forward guidance. </li>
<li>Shares rolled over 5.7% to close at A$1.42/share, above Wyloo's unconditional A$1.40/share. Offer.</li>
</ul>


Earlier today (30 March), Mincor Resources NL (MCR AU) said BHP Group (BHP AU) would not agree to amend off-take agreement specifications, and will no longer accept lower-quality ore.
Mincor delivers 100% of its ore to BHP.  It will continue to deliver on-specification ore to BHP, but has withdrawn its forward guidance. 
Shares rolled over 5.7% to close at A$1.42/share, above Wyloo's unconditional A$1.40/share. Offer.


<ul>
<li>Nickel explorer<a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener"> Mincor Resources NL (MCR AU)</a>'s board urges shareholders to take no action in response to the on-market takeover from Andrew Forrest's backed Wyloo Metals.</li>
<li>Wyloo is offering A$1.40/share. The offer period commences on the 5 April and runs until the 8 May - unless extended. However, Wyloo's broker is already standing in the market. </li>
<li>Wyloo, together with associates, control 19.87% of the voting power in Mincor. Currently trading 5.7% through terms</li>
</ul>


Nickel explorer Mincor Resources NL (MCR AU)'s board urges shareholders to take no action in response to the on-market takeover from Andrew Forrest's backed Wyloo Metals.
Wyloo is offering A$1.40/share. The offer period commences on the 5 April and runs until the 8 May - unless extended. However, Wyloo's broker is already standing in the market. 
Wyloo, together with associates, control 19.87% of the voting power in Mincor. Currently trading 5.7% through terms


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.

<ul>
<li>Wyloo has launched an unconditional off-market takeover bid for <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a> at A$1.40 per share, a 34.6% premium to the undisturbed price. The offer opens 5 April.</li>
<li>In certain aspects the offer is attractive. The offer values Mincor at a premium to peer and precedent transaction EV/Resource and EV/Reserve multiples.</li>
<li>However, the offer is at a discount to recent share prices and price targets. Rival bidders (<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> or <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a>) could also emerge. </li>
</ul>


Wyloo has launched an unconditional off-market takeover bid for Mincor Resources NL (MCR AU) at A$1.40 per share, a 34.6% premium to the undisturbed price. The offer opens 5 April.
In certain aspects the offer is attractive. The offer values Mincor at a premium to peer and precedent transaction EV/Resource and EV/Reserve multiples.
However, the offer is at a discount to recent share prices and price targets. Rival bidders (BHP Group Ltd (BHP AU) or IGO Ltd (IGO AU)) could also emerge. 


Mincor Resources (MCR AU): Wyloo’s A$1.40 Unconditional Takeover Offer

<ul>
<li>There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>'s Scheme, and  <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>'s Offer for <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito Corporation (6409 JP)</a>, and <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>.</li>
</ul>


There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Frasers Hospitality Trust (FHT SP)'s Scheme, and  Pfizer Inc (PFE US)'s Offer for Resapp Health (RAP AU).
Key updates took place for: Link Administration (LNK AU), Virtus Health (VRT AU), Toyo Construction (1890 JP), Kito Corporation (6409 JP), and Hwa Hong Corp (HWAH SP).


Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> has registered the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02514701-6A1088688?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Scheme Booklet</a> with ASIC. The Scheme Meeting to vote on <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a>'s Offer will be held on the 1 June.</li>
<li>On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.</li>
<li>The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a>. WSA trading tight to terms. </li>
</ul>



Western Areas (WSA AU) has registered the Scheme Booklet with ASIC. The Scheme Meeting to vote on IGO Ltd (IGO AU)'s Offer will be held on the 1 June.
On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.
The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from BHP Group Ltd (BHP AU). WSA trading tight to terms. 


Western Areas: 1st June Scheme Meeting.  BHP's Competing Offer Looking Remote

Australia

Western Areas Ltd is an Australian-based nickel sulphide producer which owns the Forrestania Nickel Project, along with development projects in Canada and Finland.  The Company has two producing nickel mines, Flying Fox and Spotted Quoll.

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Western Areas (WSA AU)

Mincor: Did Twiggy Thwart BHP Offtake?

Mincor's inability to supply BHP with the inferior product will eat into costs. And sentiment. That probably plays into Wyloo's court. Your...

David Blennerhassett

Mincor: Twiggy's On-Market Takeover

Tough market to speculate on revised Offers. Yet Mincor is pretty beaten up here. I can see Wyloo bidding higher. Your downside is 5.4% currently. ...

David Blennerhassett

Mincor Resources (MCR AU): Wyloo’s A$1.40 Unconditional Takeover Offer

The offer is light compared to recent share prices and analyst price targets. Expect the Board to reject. The offer could also draw out rival bidders.

Arun George

Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Western Areas: 1st June Scheme Meeting. BHP's Competing Offer Looking Remote

Trading at a gross/annualised spread of 0.5%/3.6%. if you're in, hold on for any possible (remote) Offer from BHP. If not in, I'd look elsewhere....

David Blennerhassett

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