Pan African takeover of Emmerson approved, ASX listing to begin
An Australian court-approved scheme of arrangement for dual-listed Pan African Resources to acquire ASX-listed Emmerson Resources through the latter’s wholly owned subsidiary Tennant Consolidated Mining, is now wholly unconditional and legally effective.
This follows a scheme resolution, as required in accordance with the Corporations Act, to approve the scheme being passed by the requisite majorities of Emmerson shareholders on June 15.
Also, subsequent to the Emmerson shareholders approving the scheme resolution, the Supreme Court of Western Australia made orders approving the scheme at the second court hearing held on June 19.
A copy of the court’s orders was lodged by Emmerson with the Australian Securities and Investments Commission on June 22.
Pan African had offered Emmerson shareholders 0.1493 new Pan African shares in the form of ASX-listed CHESS Depository Interests (CDIs) for each Emmerson share held.
Pan African has been admitted to the official list of the ASX as a foreign exempt listing on June 22 and granted official quotation for the Pan African CDIs under the ASX code “PAF”. Quotation of the PAR CDIs will start on June 23 (on a deferred settlement basis), with normal settlement trading starting from July 2, following the issue of the CDIs as settlement of the scheme consideration.
Pan African’s shares will continue to trade, as a dual primary issuer, on the LSE and JSE following the ASX listing.
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