Emmerson issues scheme booklet for proposed takeover by Pan African
ASX-listed Emmerson Resources on May 8 registered its scheme booklet with the Australian Securities and Investments Commission (ASIC).
Emmerson previously entered into a binding scheme implementation deed (SID) with dual-listed Pan African Resources, under which it is proposed that Pan African, or its nominee, will acquire 100% of its issued shares by way of an Australian court-approved scheme of arrangement.
Pan African on April 21 nominated its wholly-owned subsidiary Tennant Consolidated Mining (TCMG) to acquire Emmerson shares and entered into deed of amendment, restatement and accession to give effect to TCMG acquiring the Emmerson shares under the scheme.
Also, in conjunction with the scheme, Pan African will seek to list on the ASX by way of a foreign exempt listing. Pan African's shares will continue to trade, as a dual primary issuer, on the LSE and the JSE following the proposed ASX listing.
The scheme booklet will be sent to Emmerson’s shareholders following orders from the Supreme Court of Western Australia to despatch this and convene the scheme meeting to conduct a vote.
The court has also ordered that, should Emmerson’s shareholders approve the scheme, a second court hearing will take place on June 19, to approve the scheme.
The scheme booklet contains the full terms and conditions of the scheme and information pertaining to Emmerson, Pan African and the enlarged group, being Pan African and its subsidiaries, including the Emmerson group, following implementation of the scheme.
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