Western Areas marks last day of share trading
PERTH (miningweekly.com) – The scheme of arrangement between nickel miner Western Areas and fellow-listed Independence Group (IGO) is now legally effective, after the Supreme Court of Western Australia backed IGO’s takeover bid, and the lodgement of the orders with the Australian Securities and Investment Commission (ASIC).
IGO increased its offer price for Western Areas from A$3.36 a share to A$3.87 a share, after an independent expert found that the offer was neither fair nor reasonable, and not in the best interest of shareholders.
The directors of Western Areas have unanimously backed the takeover offer, in the absence of a superior proposal.
Western Areas shares trading will be suspended at the end of business on Wednesday, and the scheme is expected to be implemented on June 20.
IGO said on Wednesday that the company had been working closely with Western Areas on the important process of integrating the two businesses, and was looking forward to welcoming the Western Areas team into the IGO business once the transaction had been completed on June 20, 2022.
“The acquisition of Western Areas represents a logical consolidation of key nickel assets in Western Australia and enhances IGO’s position as a leading, independent producer of metals critical for a clean energy future,” IGO MD and CEO Peter Bradford said.
“We are looking forward to unlocking unique synergies across the combined nickel portfolio comprised of Nova, Forrestania and Cosmos, as well as the immediate commencement of the downstream nickel sulphate feasibility studies, bringing IGO closer to key customers in the clean energy and electric vehicle industries.”
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation