Raising FVE of No-Moat Tox Free Solutions to AUD 3.50 Based on Value of Cash Offer

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Event-Driven

<p>Following the release of scheme documents, and with shares now trading ex interim dividend of AUD 5 cents, we lower our fair value estimate slightly for no-moat <a href="https://www.smartkarma.com/entities/12769" target="_blank" data-smartkarma-citation="entities:12769:1">Tox Free Solutions Ltd (TOX AU)</a> to match the proposed AUD 3.425 per share all-cash acquisition offer from <a href="https://www.smartkarma.com/entities/19885" target="_blank" data-smartkarma-citation="entities:19885:1">Cleanaway Waste Management Limited (CWY AU)</a>. Payment will comprise a AUD 0.58 per share fully franked special dividend and scheme consideration of AUD 2.845 per share. Our underlying fair value estimate of AUD 2.30, were Tox to…</p>

Following the release of scheme documents, and with shares now trading ex interim dividend of AUD 5 cents, we lower our fair value estimate slightly for no-moat Tox Free Solutions Ltd (TOX AU) to match the proposed AUD 3.425 per share all-cash acquisition offer from Cleanaway Waste Management Limited (CWY AU). Payment will comprise a AUD 0.58 per share fully franked special dividend and scheme consideration of AUD 2.845 per share. Our underlying fair value estimate of AUD 2.30, were Tox to…

Corporate Action: Vote in Favour of the Solution to Cleanaway Tox Free Shares