In today’s briefing:
- IRC Limited (1029 HK): Mandatory Conditional Offer from the Chairman
- IRC (1029 HK): MBO’s MGO. Look Away …
- Australis Oil & Gas Limited – Oil Prices and M&A on the Up
- Aramco Ups Investment in Refining and Petrochemical Facilities in China
IRC Limited (1029 HK): Mandatory Conditional Offer from the Chairman
- Irc Ltd (1029 HK) has announced a mandatory conditional offer from Nikolai Levitskii (Chairman) at HK$0.118 per share, a 32.6% premium to the undisturbed price (1 November).
- The offer is conditional on the offeror and concert parties representing more than 50% of voting rights. The offeror currently represents 30.61% of outstanding shares.
- The offer looks light vs long-term trading ranges. The minimum acceptance threshold implies a minority acceptance rate of 27.9% (36.8% if MIC Invest does not tender), which is not onerous.
IRC (1029 HK): MBO’s MGO. Look Away …
- Nikolai Levitskii, Russian iron-ore play IRC Ltd (1029 HK)‘s chairman and largest shareholder, has acquired 4.72% of shares out, lifting his stake above 30%, triggering an MGO.
- The Offer price of HK$0.118/share, a 32.58% to last close, is the same price paid for the stake increase.
- The Offer is conditional on Levitskii holding more than 50% of shares out. His intention is to maintain IRC’s listing.
Australis Oil & Gas Limited – Oil Prices and M&A on the Up
- Australis Oil & Gas (ASX:ATS) is an oil and gas producer/developer, with a strategic and controlling position in the emerging Tuscaloosa Marine Shale (TMS) oil play, onshore US.
- The TMS is an Eagle Ford-equivalent but early-stage oil play with gross recoverable oil potential of around 7bn barrels – this is likely to be the next big thing.
- Australis represents a highly- leveraged and attractive exposure to the transformational potential of the TMS oil play.
Aramco Ups Investment in Refining and Petrochemical Facilities in China
- Saudi Aramco will invest more in the refining and petrochemical businesses in China as the Saudi Arabian oil giant tries to wring more money from every barrel of oil the kingdom produces amid a global shift toward a low-carbon economy, a company executive said.
- Aramco’s Senior Vice President of Strategy and Market Analysis Fahad Al-Dhubaib talked up China’s importance to the company’s business in Asia and worldwide.
- “Our partnerships in China enable us to help create new pathways for growth by working with a country driving the increased integration of refining and petrochemical processes,” Al-Dhubaib told Caixin last month in a written interview.
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