In today’s briefing:
- OZ Minerals – Circumstances Apparently Do NOT Merit a Revised Tilt
- Nearmap’s Spread Widens, Scheme Meeting on 25 November
- Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable
- PolyNovo Ltd (PNV AU): Shares Are Rallying Fueled by Strong US Sales and New Product Approval
OZ Minerals – Circumstances Apparently Do NOT Merit a Revised Tilt
- Talk about timing… Friday before the close I wrote that I thought circumstances might merit a revised tilt at OZ Minerals Ltd (OZL AU) by BHP Group Ltd (BHP AU).
- Earnings are Monday, copper is up in AUD terms, time is moving us forward into a supply squeeze. It all looks good to me.
- But an article this morning in the AFR says BHP CEO Mike Henry called OZ Minerals “nice to have” not a “must have” and talked “discipline.” Oops.
Nearmap’s Spread Widens, Scheme Meeting on 25 November
- The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20).
- The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful.
- At Nearmap Ltd (NEA AU)‘s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.
Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable
- On the 15 August, mapping technology outfit Nearmap Ltd (NEA AU) unanimously backed Thoma Bravo’s A$2.10/share Offer by way of a Scheme of Arrangement.
- The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable.
- The Scheme Meeting will be held on the 25 November, as previously flagged in August’s SID, with an expected implementation on the 15 December.
PolyNovo Ltd (PNV AU): Shares Are Rallying Fueled by Strong US Sales and New Product Approval
- PolyNovo Ltd (PNV AU) reported 73% y/y revenue growth to A$12.5M in Q1FY23, driven by the U.S. The company reported record high monthly sales of A$5.4M in September 2022.
- The company is aggressively expanding team and the increased headcount is having the desired impact on sales growth and loss continues to be minimized compared to business expansion.
- PolyNovo received FDA clearance for NovoSorb MTX, which expands PolyNovo’s U.S. addressable market by ~A$500M. The company plans to launch SynPath in the U.S. in 2023 (addressable market ~$400M).
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