Australia's Deep Yellow, Vimy Resources jump to 4-month highs on $493 mln merger deal

DEEP YELLOW

31/03/2022 02:18

** Shares of uranium explorer Deep Yellow Limited  DYL.AX 
rise as much as 12.3% to A$1.09 
    ** Deep Yellow and Vimy Resources  VMY.AX  agree on a A$658
mln ($493.24 mln) merger of its business  urn:newsml:reuters.com:*:nL2N2VY00N
    ** Cos agree to a merger by a Scheme of Arrangement, under
which Deep Yellow will buy 100% of the Vimy shares on issue
    ** Each shareholder of Vimy to receive 0.294 Deep Yellow
shares for every Vimy share held
    ** Vimy shares jump as much as 16.7% to A$0.28 on the news
    ** Vimy's board unanimously recommends that shareholders
vote in favour of the scheme, in absence of a superior proposal
    ** Vimy shares hit highest since Nov 24, while Deep Yellow
scales best level since Nov 18
            
    

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com;))