In today’s briefing:
- OreCorp Inks Deal With Silvercorp. Perseus In The Wings?
- OreCorp (ORR AU): Silvercorp’s Binding Proposal
- Reliance Steel & Aluminum Co.: Discovering the Key Factors Behind The Recent Results! – Financial Forecasts
- UPDATE NOTE – Electrovaya, Inc. – Aug 7, 2023
OreCorp Inks Deal With Silvercorp. Perseus In The Wings?
- Western Australian-based miner OreCorp Ltd (ORR AU) has signed a Scheme Implementation Deed with Canada’s Silvercorp Metals (SVM CN).
- Assuming the Scheme is successful, OreCorp shareholders will receive A$0.15 in cash and 0.0967 new Silvercorp shares – or an implied value of A$0.60 – for each OreCorp share held.
- A shareholder meeting is expected to be held in mid-November with implementation expected end-Nov, early-Dec. Separately, Perseus (PRU AU) is understood to be kicking OreCorp’s tyres.
OreCorp (ORR AU): Silvercorp’s Binding Proposal
- Orecorp Ltd (ORR AU) has entered a SID with Silvercorp Metals (SVM US) at A$0.15 cash and 0.0967 SVM shares per ORR share, a 31.5% premium to the undisturbed price.
- The offer is attractive compared to the adjusted exchange ratios and historical prices. However, the offer is light in comparison to peer multiples.
- The bid could spur Perseus Mining (PRU AU), a rumoured suitor, to show its hand. At the last close, the gross spread of the offer is 19.1%.
Reliance Steel & Aluminum Co.: Discovering the Key Factors Behind The Recent Results! – Financial Forecasts
- Reliance Steel & Aluminum’s results were a major disappointment as the company failed to meet the revenue and earnings expectations of Wall Street.
- Stainless steel and aluminum products represented more than 30% of the total sales of the quarter, with stainless and aluminum aerospace products comprising around 9%.
- We give Reliance Steel & Aluminum Co an ‘Underperform’ rating with a revised target price.
UPDATE NOTE – Electrovaya, Inc. – Aug 7, 2023
Key technological advantages and properties of the company’s proprietary Infinity Battery Platform.
A review of the solid financial momentum and performance in 2023. A look at the recent successful uplisting to NASDAQ.
Electrovaya’s strategy for continued growth into 2024 and beyond.
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