APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Equity Capital Markets

Evolution Mining / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/18363" target="_blank" data-smartkarma-citation="entities:18363:1">Evolution Mining Ltd (EVN AU)</a> is raising AUD 401mn via a 2-for-15 pro-rate Accelerated Renounceable Entitlement Offer to acquire economic interests in Glencore's Henry Ernest operation. </p><p>The deal scores well on our framework given its financial outperformance in the past four years. The acquisition seems to be at a fair value and it will give EVN additional AUD 141mn net mining cash flow (26% of total) in FY16. EVN's management also has a proven track record of enhancing mines and improving…</p>

Evolution Mining Ltd (EVN AU) is raising AUD 401mn via a 2-for-15 pro-rate Accelerated Renounceable Entitlement Offer to acquire economic interests in Glencore's Henry Ernest operation. The deal scores well on our framework given its financial outperformance in the past four years. The acquisition seems to be at a fair value and it will give EVN additional AUD 141mn net mining cash flow (26% of total) in FY16. EVN's management also has a proven track record of enhancing mines and improving…

Evolution Mining - A Fair Acquisition with Potential for Improvement