In today’s briefing:
- S&P/ASX Index Rebalance Preview: Changes from Now to June
- Mincor Resources (MCR AU): Wyloo’s A$1.40 Unconditional Takeover Offer
- Quiddity Leaderboard-ASX Jun 23: OZ Minerals Replacements and Other Changes
- Mincor: Twiggy’s On-Market Takeover
- Neuren Pharmaceuticals (NEU AU): It’s Not Too Late to Join the Bandwagon; More Stream Is Still Left
S&P/ASX Index Rebalance Preview: Changes from Now to June
- There could be an addition to the S&P/ASX 100 Index and S&P/ASX 200 (AS51 INDEX) in April following OZ Minerals Ltd (OZL AU)‘s acquisition by BHP Group Ltd (BHP AU).
- Then there could be another change for the S&P/ASX 200 (AS51 INDEX) at the regular rebalance in June.
- Passive trackers will need to trade between 4.5-18 days of ADV on the potential adds/ deletes. Short interest has started to increase on a couple of stocks.
Mincor Resources (MCR AU): Wyloo’s A$1.40 Unconditional Takeover Offer
- 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.
Quiddity Leaderboard-ASX Jun 23: OZ Minerals Replacements and Other Changes
- In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run up to the June 2023 Rebalance.
- OZ Minerals Ltd (OZL AU) upcoming deletion in April 2023 could cause a couple of intra-review replacements.
- Separately, there could be one more change in the ASX 200 index in the June 2023 review.
Mincor: Twiggy’s On-Market Takeover
- 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
Neuren Pharmaceuticals (NEU AU): It’s Not Too Late to Join the Bandwagon; More Stream Is Still Left
- Neuren Pharmaceuticals (NEU AU)‘s lead product Daybue (trofinetide) has obtained FDA approval for the treatment of Rett syndrome in adult and pediatric patients two years of age and older.
- Daybue is expected to be available in the US in April, 2023. Neuren is eligible to receive royalties on net sales of trofinetide in North America, plus milestone payments.
- Geography expansion of trofinetide (mainly European approval and launch), label expansion possibility of trofinetide, and Neuren’s pipeline progress can act as potential upside catalysts for the stock.
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