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

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Event-Driven

<p>We raise our fair value estimate to AUD 3.50 to reflect the AUD 3.45 per share all-cash 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>, plus the AUD 5 cent fully franked dividend payable March 16. <a href="https://www.smartkarma.com/entities/12769" target="_blank" data-smartkarma-citation="entities:12769:1">Tox Free Solutions Ltd (TOX AU)</a> will also pay an unspecified special dividend prior to transaction close some time in May, with the offer price reduced by a corresponding amount. We believe this dividend is designed to distribute accumulated franking credits, which we estimate to be around AUD…</p>

We raise our fair value estimate to AUD 3.50 to reflect the AUD 3.45 per share all-cash offer from Cleanaway Waste Management Limited (CWY AU), plus the AUD 5 cent fully franked dividend payable March 16. Tox Free Solutions Ltd (TOX AU) will also pay an unspecified special dividend prior to transaction close some time in May, with the offer price reduced by a corresponding amount. We believe this dividend is designed to distribute accumulated franking credits, which we estimate to be around AUD…

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