Core Viewpoint - THEMAC Resources Group Limited has received final court approval for its arrangement with Tulla Resources Group Pty Ltd, allowing the latter to acquire all outstanding common shares of THEMAC at a price of CAD $0.08 per share [1][2]. Group 1 - The Yukon Supreme Court has issued a Final Order approving the plan of arrangement between THEMAC and Tulla Resources Group [1]. - Shareholders of THEMAC will receive CAD $0.08 for each common share they hold as part of the arrangement [1]. - The completion of the arrangement is expected later this month, pending the satisfaction of customary closing conditions [2]. Group 2 - Following the completion of the arrangement, THEMAC will become a wholly-owned subsidiary of Tulla Resources Group [2]. - The common shares of THEMAC are anticipated to be delisted from the TSX Venture Exchange after the arrangement is finalized [2].

Core Points - The Royal Court of Jersey has sanctioned the proposed acquisition of 100% of the issued share capital in MAC Copper Limited by Harmony Gold (Australia) Pty Ltd, a wholly owned subsidiary of Harmony Gold Mining Company Limited [1] Company Summary - MAC Copper Limited is set to be acquired by Harmony Gold Mining Company Limited through a Jersey law scheme of arrangement [1]

Core Points - MAC Copper Limited is updating on the proposed acquisition of 100% of its issued share capital by Harmony Gold (Australia) Pty Ltd, a subsidiary of Harmony Gold Mining Company Limited [1] Group 1 - The acquisition is structured as a Jersey law scheme of arrangement under Article 125 of the Companies (Jersey) Law [1]

Core Viewpoint - THEMAC Resources Group Limited is urging shareholders to vote on a special resolution for an arrangement with Tulla Resources Group Pty. Ltd., where Tulla will acquire all outstanding common shares of THEMAC not already owned by them for cash consideration of $0.08 per share [1][2]. Meeting Details - The special meeting of shareholders is scheduled for October 7, 2025, at 9:00 a.m. Pacific time, in Vancouver, British Columbia [3]. - The proxy voting deadline is set for 9:00 a.m. Pacific time on October 3, 2025 [4]. Voting Instructions - Due to the ongoing Canada Post strike, shareholders are encouraged to vote online or by telephone to ensure timely receipt of their instructions [5]. - Registered shareholders wishing to submit documentation should use courier services or hand deliver to Computershare Investor Services Inc. [6]. Board Recommendation - The board of directors has unanimously determined that the arrangement is in the best interests of the company and fair to shareholders, with a recommendation from Institutional Shareholder Services Inc. to vote in favor of the arrangement [2].

Core Viewpoint - Macerich's stock experienced a significant rally of 6.8% to close at $17.9, driven by increased trading volume and a stock rating upgrade from B of A Securities from "neutral" to "buy" [1]. Financial Performance Expectations - The upcoming quarterly funds from operations (FFO) for Macerich are expected to be $0.37 per share, reflecting a year-over-year decline of 2.6%. Revenue is projected to be $256.34 million, which is an increase of 16.4% compared to the same quarter last year [2]. - The consensus estimate for FFO per share has been revised slightly higher over the past 30 days, indicating a positive trend that typically correlates with stock price appreciation [3]. Industry Context - Macerich is categorized under the Zacks REIT and Equity Trust - Retail industry, holding a Zacks Rank of 3 (Hold). Another company in the same industry, Realty Income Corp., saw a 0.9% increase in its stock price, closing at $60.32, with a 2.9% return over the past month [4]. - Realty Income Corp.'s consensus estimate for FFO per share remains unchanged at $1.07, representing a year-over-year increase of 1.9%, and it also holds a Zacks Rank of 3 (Hold) [5].

Core Viewpoint - BofA Securities upgraded The Macerich Company from Neutral to Buy, increasing its price target to $23 from $19, with shares rising over 2% in pre-market trading [1] Group 1: Portfolio and Financial Improvements - The firm highlighted improvements in portfolio quality, stronger balance sheet deleveraging prospects, and robust leasing progress [2] - Leasing volume exceeded 4 million square feet, with expectations of solid NOI growth from 2026 onward [2] Group 2: Financial Forecasts - BofA raised its 2028 FFO estimates by 6.4%, now 8.2% above consensus, forecasting $1.99 per share, which is at the upper end of management's target range of $1.73–$2.05 [3] - The forecast includes $0.08 accretion from the Crabtree Mall acquisition [3]

Core Insights - The Macerich Company (MAC) is positioned to benefit from its portfolio of premium shopping centers in vibrant markets, focusing on omnichannel retailing and mixed-use asset development for long-term growth [1][2][3] - However, the rise of e-commerce and a highly leveraged balance sheet present challenges for the company [1][10] Group 1: Growth Drivers - Macerich has a high concentration of premium malls in densely populated U.S. markets, which allows for strong cash flow generation due to affluent consumers [2] - The company is enhancing asset quality and customer relationships through the adoption of an omnichannel model and focusing on mixed-use properties [3] - An aggressive capital-recycling program is in place, involving the sale of non-core assets to invest in higher-growth properties and reduce leverage [4] Group 2: Recent Transactions - Macerich is under contract to sell Lakewood and Valley Mall, expected to close in the second half of 2025 [5] - The company recently sold Atlas Park for $72 million and announced the acquisition of Crabtree Mall for $290 million [5] - Redevelopment of the northeast quadrant of Green Acres Mall is anticipated to open in 2026 [6] Group 3: Performance Metrics - Over the past three months, Macerich's shares have increased by 10.1%, outperforming the industry growth of 0.2% [6] - The company expects total revenues to rise by 11.4% in 2025 [2] Group 4: Challenges - Despite a rebound in mall traffic post-pandemic, the convenience of online shopping continues to impact brick-and-mortar stores negatively [8] - The company faces challenges from tenant bankruptcies, including Forever 21 and Express, which could affect performance in upcoming quarters [9] - As of June 30, 2025, Macerich's total pro-rata share of debt was approximately $6.88 billion, with a net debt to adjusted EBITDA ratio of 7.93X, indicating a highly leveraged balance sheet [10]

Group 1 - The company is on track or ahead of schedule with its Path Forward plan, which has been significantly derisked [3] - The Path Forward strategy focuses on simplifying the business, improving operational performance, and reducing leverage [4] - Recent growth opportunities include the acquisition of Crabtree Mall, indicating a proactive approach to strengthening the core portfolio [4] Group 2 - An update to the Path Forward plan was provided in May, which included a comprehensive NOI bridge and a roadmap for 2028 targets [5]

Group 1 - The company is on track or ahead of schedule with its Path Forward plan, which has been significantly derisked [3] - The Path Forward strategy focuses on simplifying the business, improving operational performance, and reducing leverage [4] - The company has pursued new growth opportunities, including the acquisition of Crabtree Mall in June [4] Group 2 - An update to the Path Forward plan was provided in May, which included a comprehensive NOI bridge and a roadmap for a 2028 target [5]

Summary of The Macerich Company Conference Call Company Overview - **Company**: The Macerich Company (NYSE: MAC) - **Industry**: Retail Real Estate Investment Trust (REIT) Key Points and Arguments Path Forward Plan - The company is on track or ahead of schedule on all components of its Path Forward Plan, which focuses on simplifying the business, improving operational performance, and reducing leverage [2][3] - The plan includes a comprehensive Net Operating Income (NOI) bridge and targets for Funds From Operations (FFO) and leverage by 2028 [3][6] Leasing Performance - As of the end of Q2, Macerich signed 4.3 million square feet of leases, exceeding its target for 2025 and 2026 [4][5] - The leasing strategy aims for 4 million square feet of leasing in 2025 and 2026, with a goal of achieving 85% completion by mid-2026 [4][5] - The company is focusing on increasing the percentage of new lease deals versus renewals to drive higher spreads and incremental revenue [4] Acquisition of Crabtree Mall - Macerich acquired Crabtree Mall for approximately $290 million, a Class A retail center in the Raleigh-Durham MSA, which is expected to be accretive to the Path Forward Plan's 2028 target FFO range [7][8] - The mall has a dominant market position and is expected to achieve a permanent occupancy rate of 90% by 2028 [8][49] Dispositions and Balance Sheet Management - The company has completed approximately $1.2 billion in mall sales, with a target of $2 billion in total asset sales [6][37] - Remaining dispositions include $500 to $600 million in out parcels and freestanding retail assets [6][39] - The company is actively addressing 2026 maturities through asset sales and refinancing [33][34] Retailer Demand and Market Trends - There is unprecedented demand across various retail categories, including legacy brands reinventing themselves [31][32] - The company is seeing strong interest from retailers, with 67% of the space previously occupied by Forever 21 already committed or under letter of intent [24][29] Financial Outlook - The company anticipates a mid-2026 inflection point for FFO growth, driven by leasing activity and asset sales [72] - The projected compound annual growth rate (CAGR) for NOI over the next four years is 5.2% [72] CapEx and Future Opportunities - The company is focused on capital allocation for tenant improvements and enhancing the overall shopping experience [51][56] - Future growth is expected to be driven by increased traffic and sales from new anchor tenants and flagship stores [58][59] Market Conditions - The financing market for B malls is improving, with a good buyer base for the assets being sold [42][43] - The company is cautious about future acquisitions, prioritizing deleveraging over new purchases [61][62] Additional Important Insights - The company has implemented technology enhancements to improve leasing efficiency and communication with tenants [12][13] - The retail landscape is evolving, with a mix of emerging brands and legacy brands performing well [31][32] - The company is forming a Gen Z committee to better understand and cater to the preferences of the fastest-growing customer segment [60] This summary captures the essential points discussed during the conference call, highlighting the company's strategic initiatives, performance metrics, and market outlook.