On the 27th July, gold/copper exploration play Carnaby Resources (CNB AU) entered into a scrip Scheme with Evolution Mining (EVN AU).
Evolution is offering 0.0682 new shares for each Carnaby share, or a A$0.77/share indicative Offer price, a 60.4% premium. Post merger, Carnaby shareholders would hold ~0.9% in the enlarged entity.
The Scheme Booklet is now out, with a 26th October Scheme Meeting, and expected implementation on the 10th November. The IE (BDO) concluded “ fair and reasonable“. Clean deal.
Carnaby Resources (CNB AU) is not particularly liquid. Look away now if this is not your thing.
The Trade:
Carnaby’s share price is up four-fold since 1Q25 - there should be no retail investor pushback.
Trading super tight at a gross/annualised spread of 0.5%/3.4%.
If not in, I’d be looking elsewhere.