TNG Limited (ASX: TNG) refers to its Notice of Meeting announced on 18 August 2016 convening a general meeting of Shareholders for 11.00am (WST) on 20 September 2016 (General Meeting) to consider the de-merger of its Northern Territory Base Metal Assets.
In the Notice of Meeting the Company advised that it has sought a Class Ruling from the Australian Taxation Office in respect of the de-merger proposal, and in particular to rule that there will be no unexpected adverse tax outcomes for shareholders from the proposed in-specie distribution. The Company has received notification that a draft copy of the Class Ruling will not be received by the proposed date of the EGM, and may now take until November to be issued. It is the Directors’ view that, until such time as the draft Class Ruling has been issued in satisfactory form, it is in the best interests of TNG Shareholders to postpone the General Meeting to a later date.
Accordingly, the Company advises that the General Meeting will be postponed until 2.00pm (WST) on 29 November 2016. Formal notice of the postponement of the General Meeting will be sent to TNG shareholders in accordance with the Company’s constitution. All other matters in relation to the proposal are continuing. The deadline for the submission of proxy forms for the General Meeting will be extended from 11.00am (WST) on 18 September 2016 to the time that is 48 hours prior to the time and date of the postponed General Meeting.
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