Iluka shareholders approve demerger
PERTH (miningweekly.com) – The overwhelming majority of shareholders in Iluka Resources have approved the demerger of the company’s Sierre Rutile business, in Sierra Leone, into a separately listed entity.
Iluka on Friday said that 99.95% of the company’s shareholders had voted in favour of the spin-out under which Iluka shareholders would be entitled to receive one share in Sierra Rutile for each share held in Iluka on the record date.
At the time of the demerger, Sierra Rutile will have 424.2-million shares on issue, and the company will trade under the ticker SRX.
Sierra Rutile is expected to start trading on the ASX on July 27, on a deferred settlement basis, and the demerger is expected to be implemented on August 4.
Sierra Rutile will hold the operating Area 1 project as well as the Sembehun project, where a final investment decision is expected within the next 18 months.
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