Lepidico Ltd (ASX: LPD) (“Lepidico” or “Company”) is pleased to announce that the ill-conceived and inadequate scrip offer from Lithium Australia NL (ASX:LIT) (“Lithium Australia”) to acquire all of the fully paid ordinary shares in Lepidico, closed at midnight (AWST) on Monday, 19 June 2017.
Lithium Australia’s offer, which was not recommended by the Lepidico Board and which the Independent Expert, BDO, concluded was neither fair nor reasonable to Lepidico shareholders, has been unsuccessful. Lithium Australia received acceptances for only approximately 0.6% of Lepidico shares excluding the pre-bid agreement acceptances. In accordance with ASX Listing Rule 3.4, the Company will provide a Top 20 shareholder list and distribution schedule within 10 business days.
The shares issued under the Company’s Entitlement Offer which have been trading under LPDNC are expected to commence trading under the LPD code today.
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