Andrew Brown’s Post

Trident Royalties plc (AIM:TRR, OTCQX:TDTRF) has recommended an all-cash takeover offer from Deterra Global worth 49p a share, valuing the group at £144 million. The price is a 22.5% premium to yesterday’s close and 42% above the market price in April when Deterra made a first non-binding, conditional proposal at 44p per share Trdient's business is similar to Deterra's, said the statement, notably the Thacker Pass lithium asset in the US, which “aligns squarely with Deterra's target investment criteria”. Deterra is based in Perth, Australia and listed on the ASX with a market capitalisation of approximately A$2.4 billion (£1.25 billion). Irrevocable undertakings to accept the offer have been received from approximately 24% of Trident's shareholders, with Amati Global also indicating it will accept with its 4%. More at #Proactive #ProactiveInvestors #tridentroyalties #mining http://ow.ly/f4Th105wzsG

BHP makes all-share bid for its London peer Anglo American. The unusual deal structure what makes it even more interesting to follow. BHP proposing a demerger of some of the target’s biggest listed assets and pre-positioning a sale of its diamond operation De Beers. Fin out more from the insight put together by Will Cain #mergersandandacquisitions #mining #merger #demerger #dealstructure #dealexecution #mergermarket

Vanchem sale approved by Bushveld shareholders Bushveld shareholders voted overwhelmingly in favor of selling the Vanchem vanadium operation in South Africa to Southern Point Resources (SPR). The vote was: 989,959,661 in favor, 52,500,899 against and 1,323,588 votes withheld. The sale is conditional on the approval of Orion and the South African Competition Tribunal which is expected at the end of July or early August. Struggling with cash flow and high-cost operations, Bushveld turned to SPR for a bailout last September. SPR agreed to provide $69.5- to 77.5-million in funding and then proceeded to be unable to cough up $12.5-million it agreed to pay for Bushveld shares by December 2023. On Jan. 22, SPR provided $2-million, not in cash, but in the form of a loan. By mid-February, Bushveld had received $6-million in the form of an interest-free loan. Finally, by mid-March, SPR had paid $12.5-million in the form of an interest-free loan. That money did not last long and by the end of April Bushveld had $2.22-million in cash. With few alternatives, Bushveld announced in early May that it would sell 100% of Vanchem to SPR for up to $40.6-million, with an initial consideration of $20.6-million and a deferred consideration of $15- to $20-million. The deal replaced its November 2023 agreement to sell 50% of Vanchem to SPR for $21.3-million. It is understandable that Bushveld shareholders would not be thrilled about selling all of Vanchem rather than a 50% stake, especially as Bushveld paid $53.5-million to acquire Vanchem in 2019. However, the alternative was going bust, which explains the lopsided vote, despite efforts by a small contingent to scuttle the deal. Bushveld received an initial advance from SPR of $3-million on May 3. SPR has agreed to advance a further $5-million on May 31 and a further $1-million on June 30, provided shareholders approved the Vanchem sale. Vanchem is one of two vanadium operations Bushveld owns; Vametco is the other. Vanchem’s 2023 production of vanadium chemicals, flake and FeV was 1,408 mt, 24% higher than in 2022 and was the highest annual production since Bushveld acquired Vanchem in 2019. Production cash cost at Vanchem averaged $27.90 per kg in 2023, 25% less than in 2022. In 2023, Vametco produced 2,306 mt of nitro vanadium, 15% less than in 2022. Average production cash cost was $25.50 per kg, 7.5% higher than in 2022 due to lower production volumes. Bushveld’s vanadium production fell 9% in the first quarter to 855 mt of V (357 mt from Vametco and 498 mt from Vanchem) compared to 943 mt in Q1 2023. Bushveld’s vanadium first-quarter 2024 sales fell 14% to 880 mt compared to 1,028 mt in Q1 2023. The weighted average production cash cost for Vanchem and Vametco was $28.40 per kg in Q1 2024 compared to $25.90 in the year-ago quarter.

Perseus refers to its off-market takeover bid under Chapter 6 of the Corporations Act for all the current and to be issued ordinary shares in OreCorp. Perseus is pleased to announce that Silvercorp Metals Inc has accepted the Perseus Offer. Silvercorp’s acceptance was for a total of 73,889,007 OreCorp Shares (representing 15.61% of OreCorp Shares on issue). As at 9 April 2024, Perseus has a relevant interest in 354,982,123 OreCorp Shares (representing 74.98% of OreCorp Shares on issue). The Perseus Offer is open until 19 April 2024 (unless extended). Perseus wants to reiterate that the Offer is: • unconditional; and • best and final in the absence of a competing proposal. OreCorp Shareholders should ACCEPT the Offer now in respect of Your OreCorp Shares. Read the full announcement here: https://loom.ly/RzZRIQ8

We advised Dyna-Mac Holdings Ltd. in the takeover offer by Hanwha Ocean SG Holdings Pte. Ltd. through a voluntary conditional cash offer at a consideration of S$0.67 per share. The target group is a multi-disciplinary specialist provider of detailed engineering, procurement and construction services to the offshore oil and gas, marine construction and other industries.    For more information, please read: https://lnkd.in/gk8pgRwF; https://lnkd.in/gMgY42_v   Partners, Chee Leong Lun and Liane Lim advised Dyna-Mac Holdings Ltd. on the transaction. #mergersandacquisitions #SGXprivatisations #takeovers #voluntarydelisting #conditionaloffer #CCCSclearance

OreCorp Limited has announced a recommendation to accept the amended Perseus proposal following the lapse of the Silvercorp Metals Inc off-market takeover bid (Silvercorp Offer), as outlined in ASIC Form 604 released by Silvercorp today.   As one or more of the defeating conditions of the Silvercorp Offer were not waived or satisfied by the Closing Time (being 7pm (Sydney time) on 22 March 2024), the Silvercorp Offer has now lapsed and acceptances of this Offer have become void.   The OreCorp Board now unanimously recommends that OreCorp Shareholders ACCEPT the amended Perseus proposal, in the absence of a superior proposal. The OreCorp Board notes that no superior proposal has so far emerged.   OreCorp Directors, holding approximately 3.9% of the OreCorp shares intend to accept the amended Perseus proposal.   See the full announcement: https://bit.ly/4ctAsos

Engineering company, DRA Global, intends to delist from the Australian Securities Exchange (ASX) and the JSE) to undertake an off-market equal access share buy-back subject to obtaining shareholder approval. Its Board believes the delistings are in its best interest considering, among other things, the low level of trading of its shares on both stock exchanges: https://bit.ly/3NkJWXM #listedcompanies #JSE #ASX #realestatenews #engineering #shareholders #investorrelations #businessnews #propertynews #mining #stockexchange

Schumer sounds alarm on oil industry consolidation! 🚨 Senate Majority Leader and lawmakers urge the FTC to investigate mergers, citing threats to competition and potential price hikes - a call for scrutiny in the ever-evolving energy landscape. 🏛️ https://lnkd.in/gmNzGC_g #OilIndustryProbe #OilMarketWatch #AntitrustConcerns #FTCInvestigation

#Drilling firm Noble Corporation to acquire competitor Diamond Offshore US #offshore #drilling rig operator Noble Corporation has announced it will acquire smaller rival Diamond Offshore in a cash and stock deal worth around $1.59 billion (£1.25bn). In a statement, the two companies said Noble will pay $15.52 per Diamond Offshore share, with $5.65 of that amount in cash and the rest in Noble stock. Noble’s acquisition of Diamond comes as the global #oil and #gas sector continues its wave of consolidation, with recent US deals involving Chevron and ExxonMobil. Meanwhile, Harbour Energy is in the process of buying out German rival Wintershall Dea while Ithaca Energy recently announced a merger deal with Italian firm Eni. Noble said the deal represents an 11.4% premium to closing stock price from last Friday. Upon closing, Diamond shareholders will own approximately 14.5% of Noble’s outstanding shares. Noble and Diamond merger The merger will see a combined order backlog of $6.5 billion between the two companies, and Noble said it expects to realize annual pre-tax cost savings of $100 million, with 75% expected to be realized within one year of closing. Noble president and chief executive officer Robert Eifler said the deal will strengthen the company’s offering, with four seventh generation drillships and “one of the most high-spec harsh environment semisubmersible rigs in the world” in the Ocean GreatWrite. “Additionally, Diamond’s five conventional deepwater and midwater rigs have averaged above 85% utilization over the last 3 years and currently have strong forward contract coverage,” Mr Eifler said. “Supported by Diamond’s $2.1 billion of backlog and $100 million of anticipated cost synergies, we expect the transaction to be immediately accretive to our free cash flow per share and contribute to accelerated growth in our return of capital to shareholders.” Diamond Offshore president and chief executive officer Bernie Wolford said the merger with Noble is a “natural match” for the Houston-based firm. Noble said intends to fund the cash portion of the transaction through new debt financing, secured through a $600 million committed bridge financing facility

Schumer sounds alarm on oil industry consolidation! 🚨 Senate Majority Leader and lawmakers urge the FTC to investigate mergers, citing threats to competition and potential price hikes - a call for scrutiny in the ever-evolving energy landscape. 🏛️ https://lnkd.in/gmNzGC_g #OilIndustryProbe #OilMarketWatch #AntitrustConcerns #FTCInvestigation