Interesting AGM notes from marben100 (which can certainly be relied upon) - I note that he believes EXT is now TO proof. Looks like a merger is imminent so I checked the previous proposal in September 2008, ref below. I presume a merger would be on a similar basis but with a different ratio of course. Unfortunately no real TO premium would result?
"The directors of Kalahari Minerals Plc (AIM: KAH) ("Kalahari") and Extract Resources Limited (ASX & TSX: EXT) ("Extract") are pleased to announce a proposed restructure by means of a merger of the two companies ("Restructure"), which will be effected by a recommended scheme of arrangement pursuant to the Australian Corporations Act (the "Scheme"). The Restructure will consolidate ownership of the assets of each company into a single corporate vehicle (the "Enlarged Company"). It is intended that the Enlarged Company will (subject to required approvals) be dual listed on AIM and the Australian Securities Exchange ("ASX").
Pursuant to the terms of a Restructure Implementation Agreement entered into today ("RIA"), it has been agreed that Kalahari will offer 1.6 ordinary shares in Kalahari ("Kalahari Shares") for every one ordinary share in Extract ("Extract Shares"), valuing each Extract Share at
A$0.99(1), a premium of approximately 4.2% to the volume weighted average price of Extract Shares on ASX over the one month prior period to 3 September 2008, and a 12.2% premium to the average 2008 trading ratio between Kalahari and Extract of 1.42."
EXT Price at posting:
$8.90 Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)