PNA 0.00% $1.84 panaust limited

take over target from citigroup

  1. 12 Posts.
    Small extract from Citigroup BUY recommendation on OXiana or the new OZ Minerals.. They have listed 3 potential takeover targets, PNA is one.

    We expect any acquisition to be funded from a combination of cash and debt
    as the collapse in the share price since the merger means that scrip is not a
    likely option. Assuming a leveraging up of the balance sheet, we anticipate that
    the company could undertake acquisitions of A$3-4b.
    When we look at the potential acquisition targets in Australia, there is not much
    that is likely to be attractive in this range, but potential targets could include:

     Equinox (EQN.TO; C$3.71; Not Rated) – an emerging copper company with
    a A$2.2b market and its key ~170ktpa mine in Zambia. Key barrier would be
    First Quantum’s (FQM.L; £33.83; 1M) 17% shareholding.

     Panaust Ltd (PNA.AX; A$0.83; Not Rated) – recently developed a 60kt
    copper and 60koz gold project in OZ Minerals’ backyard of Laos. Market cap
    is A$1.3b.

     Panoramic Resources (PAN.AX; A$2.40; Not Rated) – formerly Sally Mallay
    and producing ~15kt of nickel with a market cap of A$460m.

 
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Currently unlisted public company.

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