PERTH (miningweekly.com) – The shareholders of ASX-listed Gindalbie Metals will meet on July 3 to vote on its takeover and demerger plans, follow approval from the Federal Court of Australia.
Gindalbie in March announced a 2.6c-a-share takeover offer from Ansteel, which currently holds a 35.71% interest in Gindalbie and is a 52.16% shareholder in the Karara project.
The takeover offer was announced simultaneously with Gindalbie’s plans to demerge its subsidiary Coda Minerals, which holds the rights to a significant and strategic portfolio of tenements in South Australia.
Under the demerger, Gindalbie shareholders will receive a pro-rata distribution of Coda shares for every Gindalbie share held.
The Federal Court of Australia has now called for a shareholder meeting for Gindalbie, allowing shareholders to vote on both the takeover offer and the demerger.