Genesis And Vault Firm Terms After Regis Walks

• After Genesis Minerals (GMD AU) pitched a “superior” cash/scrip Offer for Vault Minerals Ltd (VAU AU) on the 6th July, Regis Resources (RRL AU) was expected to walk. And they did.

• This morning, Genesis/Vault firmed terms: 0.7629 new shares for every Vault share, plus A$0.475/share in cash - for an implied value of A$5.274/share. Terms are unchanged from the 6th July.

• The Offer is by way of a Scheme. Expect a Scheme Booklet by August/September, a meeting a month later, and expected implementation by October/November. Clean deal.

The Trade:

• I see the spread at a ~2.2%.

• If you can take down borrow cheaply in Genesis, do so, if not already.

• Expect Travis Lundy to follow with an index implications note shortly.