Daily Brief Australia: Azure Minerals, Carly Holdings and more

In today’s briefing:

Gina Can’t “Liontown” SQM’s Bid For Azure

When lithium mining play Azure Minerals (AZS AU) was halted this week “regarding a potential change of control transaction“, Sociedad Quimica y Minera (SQM/B CI) was the obvious suitor.
This was confirmed this morning with a A$3.52/share Offer, a 44.3% premium to undisturbed, by way of a Scheme. A concurrent conditional off-market takeover at A$3.50/share is also present.
$3.50 is locked in, no matter what. Gina may take her stake up to 19.9%, but it won’t affect the A$3.50 floor. But it may kickstart a competitive bidding situation.

Azure Minerals (AZS AU) has entered a scheme implementation deed with Sociedad Quimica y Minera de Chile (SQM US) at A$3.52 per share, a 44.3% premium to the undisturbed price.
To avoid a repeat of the Albemarle Corp (ALB US)/Liontown Resources (LTR AU) situation, if the scheme fails or is terminated, SQM will launch an off-market takeover offer at A$3.50.
Gina Rinehart is rumoured to have built a 14.5% stake, suggesting the final offer is an off-market takeover. The offer is conditional on FIRB approval.

Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships, and technology.
Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.
Carly has attracted larger automotive industry businesses as shareholders, with a direct offering and services to support automotive manufacturers and dealers to generate revenue from car subscriptions.

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