In today’s briefing:
- Tietto (TIE AU): Zhaojin Makes An Offer
- Tietto Minerals (TIE AU): Zhaojin’s Conditional Off-Market Takeover Offer
- Kinatico Ltd – Making Inroads into Government with SaaS Deals
- Wrkr Limited – Readying for Significant Customer Uplift
Tietto (TIE AU): Zhaojin Makes An Offer
- SOE-Backed Zhaojin Mining Industry H (1818 HK), China’s fourth largest integrated gold producer, has tabled a non-binding Offer for Aussie-listed West African gold miner Tietto Minerals Ltd (TIE AU).
- The A$0.58/share cash Offer is a 36% premium to undisturbed. Zhaojin is seeking 50.1% of shares out, with 7.02% already held.
- Conditions include a raft of PRC and Côte d’Ivoire regulatory approvals. None of these should face opposition.
Tietto Minerals (TIE AU): Zhaojin’s Conditional Off-Market Takeover Offer
- Tietto Minerals Ltd (TIE AU) has disclosed a conditional proposal from Zhaojin Mining Industry H (1818 HK) at A$0.58 per share, a 36.5% premium to the undisturbed price of A$0.425.
- The offer is conditional on China and Cote d’Ivoire regulatory approvals (should be forthcoming) and a 50.1% minimum acceptance condition (which can be waived).
- The offer is light compared to peer resource multiples and recent share prices. The presence of large Chinese shareholders is a stumbling block for a rival offer.
Kinatico Ltd – Making Inroads into Government with SaaS Deals
- Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ reg tech company providing work for compliance monitoring and management technology and services.
- KYP has reported a5% year-on-year increase in Q1 FY24 revenue to $7.25m, and a 176% year-on-year increase in SaaS revenue to $2.02m.
- SaaS revenue accounted for 28% of total revenue for the quarter, compared to 11% in Q1 FY23.
Wrkr Limited – Readying for Significant Customer Uplift
- Wrkr Ltd (ASX: WRK) offers compliance solutions for Australian super annuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
- The company has released its Q1 FY24 activities report, with key highlights including 43% growth in cash receipts on the previous corresponding period (pcp), 42% growth in revenue, and a cash burn runway of eight quarters before any R&D tax rebates or new customer transactions are considered.
- Revenue has been boosted by development and planning work for major customers ART and Link Group respectively.
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