Pensana Metals shareholders approve acquisition by UK entity Pensana Rare Earths plc
The UK plc company today gained approval for the transition from the ASX-listed company’s shareholders.
Pensana Metals Limited (ASX:PM8) has secured shareholder approval for a scheme of arrangement for Pensana Rare Earths plc (UK) to acquire all the ASX-listed entity’s ordinary shares and list on the Main Board of the London Stock Exchange.
Although shareholder approval has been obtained for the UK transition, the process remains subject to several conditions as set out in the Scheme Implementation Agreement.
Court hearing
One of these is the Supreme Court of Western Australia consideration of scheme approval at a Second Court Hearing scheduled for January 22, 2020.
Other conditions include:
- The ASX approving the admission of Pensana UK to the official list of the ASX and the Pensana UK CDIs for official quotation;
- The independent expert continuing to conclude that the Scheme is in the best interests of shareholders; and
- The satisfaction or waiver of any remaining conditions prior to the Second Court Hearing.
Subject to these remaining conditions being satisfied or waived, implementation of the transaction is expected to occur early next month.
Indicative timeline
An indicative timeline lists the second court hearing for January 22 and the effective date and last date of trading of Pensana shares on the ASX on January 23.
Trading in Pensana UK CDIs is expected to begin on a deferred basis on January 24 and the expected record date for determining entitlements to the scheme consideration is January 28.
The timeline lists the implementation date for the scheme as February 4, delisting of Pensana from the official list of ASX on February 5 and the last day of trading in Pensana UK CDIs set to begin on a deferred basis the following day.
Anticipated trading of Pensana UK CDIs issued as Scheme Consideration and dispatch of holding statements is expected on February 7.
Pensana aims to become one of the world’s major suppliers of the key tech metals of neodymium and praseodymium from its Longonjo project in Angola.
