Photo by: Bloombeg
PERTH (miningweekly.com) – The shareholders of ASX-listed Sirius Resources on Thursday voted in favour of a takeover offer from fellow-listed Independence Group.
In May, the two companies announced merger plans that would see Sirius shareholders issued with 0.66 of an Independence share for every one Sirius share held, along with a cash consideration of 52c a share.
The offer valued Sirius at around A$1.8-billion.
Sirius shareholders also approved a demerger of the Polar Bear and Scandinavian exploration assets, which included the recently discovered Baloo gold deposit, through a demerger scheme of arrangement into a separately listed company known as S2.
Under the demerger, Sirius shareholders would be issued with one share in S2 for every 2.5 Sirius shares held.
Sirius said on Thursday that the company would now seek Federal Court approval for the merger, in the hopes of ceasing share trading on the ASX by September 10.