Brief: Essential Metals Says Develop And Co Enter Binding Scheme Implementation Deed

Develop Global

03/07/2023 02:41

July 3 (Reuters) - Essential Metals  ESS.AX :
    * DEVELOP AND ESSENTIAL METALS ENTER INTO BINDING SCHEME
IMPLEMENTATION DEED
    * ENTERED BINDING SCHEME IMPLEMENTATION DEED
    * UNDER DEAL DEVELOP PROPOSES TO ACQUIRE 100 PER CENT OF
ISSUED
SHARES IN ESSENTIAL BY WAY OF A SCHEME OF ARRANGEMENT
    * SCHEME CONSIDERATION IS 1 NEW DEVELOP SHARE FOR EVERY 6.18
ESSENTIAL SHARES HELD
    * FULLY DILUTED EQUITY VALUE FOR ESSENTIAL OF A$152.6
MILLION AND
A$0.56 PER SHARE
    * SCHEME IS UNANIMOUSLY RECOMMENDED BY ESSENTIAL BOARD OF
DIRECTORS IN ABSENCE OF A SUPERIOR PROPOSAL
    * MINERAL RESOURCES AGREED TO VOTE ITS 19.55% SHAREHOLDING
IN
ESSENTIAL IN FAVOUR OF SCHEME
    * UPON IMPLEMENTATION OF SCHEME, ESSENTIAL SHAREHOLDERS WILL
HOLD
18.4% OF COMBINED GROUP

Source text for Eikon:  ID:nASXb59k84 
Further company coverage:  ESS.AX 

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