Ann: Western Areas Scheme of Arrangement Update, page-3

Hi Tester … for the long term future, I hope so

cheers

https://thewest.com.au/business/mining/igo-set-to-absorb-western-areas-after-court-nod-c-7092106

IGO set to absorb Western Areas after court nod

Stuart McKinnonThe West Australian
Wed, 8 June 2022 11:20AM
Stuart McKinnon


An underground miner at Western Areas’ Spotted Quoll mine. Credit: Supplied

IGO will officially absorb Western Areas later this month after the last remaining hurdles to its $1.26 billion cash takeover of the nickel miner were cleared.

Western Areas shares will no longer trade after the close on Wednesday after shareholders approved the IGO takeover and the deal was waved through by the WA Supreme Court.

Shareholders in the Dan Lougher-led company will receive $3.87 for each share they hold.

IGO said it had been working closely with Western Areas on the integration of the two businesses ahead of the completion of the deal on Monday, June 20.

Managing Director Peter Bradford said the acquisition of Western Areas represented a logical consolidation of key nickel assets in WA and enhanced IGO’s position as a leading, independent producer of metals critical for a clean energy future.
“We are looking forward to unlocking unique synergies across the combined nickel portfolio comprised of Nova, Forrestania and Cosmos, as well as the immediate commencement of the downstream nickel sulphate feasibility studies – bringing IGO closer to key customers in the clean energy and electric vehicle industries,” he said.

Western Areas directors and shareholders backed IGO’s $3.87-a-share offer despite independent expert KPMG describing it as “not fair but reasonable”.

In December, the board endorsed a $3.36-a-share bid by IGO, only to rethink its position in April on the back of the sharp rise in nickel prices after Russia’s invasion of Ukraine, which prompted the sweetened bid from IGO.

Western Areas shares were up 0.5c to $3.865 at 11.20am while IGO was up 21c, or 2 per cent, to $12.03.