In today’s briefing:
- S&P/ASX 200 Index Adhoc Rebalance: Strike Energy (STX) To Replace Costa Group (CGC)
- Metals Acquisition Ltd Secondary Listing – Too Much to Pay for a Single Asset
S&P/ASX 200 Index Adhoc Rebalance: Strike Energy (STX) To Replace Costa Group (CGC)
- Shareholders have approved Costa Group Holdings (CGC AU)‘s acquisition by Paine Schwartz Partners and the stock is expected to stop trading after the close on 8 February.
- Costa Group Holdings (CGC AU) will be replaced by Strike Energy (STX AU) in the S&P/ASX 200 (AS51 INDEX) at the close on 8 February.
- There will be positioning in Strike Energy (STX AU) but we do not expect it to be excessively large and there could be some outperformance over the next week.
Metals Acquisition Ltd Secondary Listing – Too Much to Pay for a Single Asset
- Metals Acquisition (MTAL US) is looking to raise up to A$300m (US$197m) through its ASX secondary listing.
- The proceeds will be used to repay Glencore’s deferred consideration facility for the MTAL’s acquisition of its CSA copper mine, amongst other uses.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
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