Atlas Iron Limited (“Atlas”) (ASX: AGO) refers to its announcement dated 21 June 2018 advising that a majority of the Atlas Board has withdrawn its recommendation of a scheme of arrangement with Mineral Resources Limited (“MinRes”) following receipt of a takeover bid from Redstone Corporation Pty Ltd, a wholly-owned subsidiary of Hancock Prospecting Pty Ltd.
MinRes has now terminated the Scheme Implementation Deed between Atlas and MinRes with immediate effect.
Termination of the Scheme Implementation Deed does not affect the Company’s liability to pay a break fee of $3.12 million to MinRes.
AGO Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
