This will result in UK-based Pensana Rare Earths plc acquiring the ASX-listed company with shareholder approval already obtained for the UK transition.
Lodgement of court orders
In line with section 411(10) of the Corporations Act 2001 (Cth), the scheme will become legally effective upon lodgement of the court orders with the Australian Securities and Investments Commission (ASIC).
It is expected that a copy of the court’s orders will be lodged with ASIC tomorrow, at which time the scheme will become legally effective.
If this occurs, Pensana’s shares will be suspended from trading on the ASX at the close of trade tomorrow.
Pensana aims to become one of the world’s major suppliers of the key tech metals of neodymium and praseodymium from its Longonjo project in Angola.
Trading in Pensana UK CDIs is expected to begin on a deferred basis on January 24 and the expected record date for determining entitlements to the scheme consideration is January 28.
The implementation date for the scheme is anticipated to be February 4, delisting of Pensana from the official list of ASX is expected on February 5 with the last day of trading in Pensana UK CDIs set to begin on a deferred basis the following day.
Anticipated trading of Pensana UK CDIs issued as Scheme Consideration and dispatch of holding statements is expected on February 7.
Published at Wed, 22 Jan 2020 06:10:00 +0000