Azure Minerals (ASX:AZS) has been suspended from trade following lodgement of the Supreme Court of Western Australia orders with the Australian Securities and Investments Commission (ASIC) approving the scheme of arrangement.
Under the scheme of arrangement, SH Mining which is a bid vehicle jointly owned by Sociedad Química y Minera de Chile and Hancock Prospecting, will acquire the multi-commodity exploration company.
The deal includes a consideration of $3.70 per Azure share and a fall-back conditional off-market takeover offer for cash consideration of $3.65 per Azure share should the scheme not be successful.
The suspension from trade is to confirm a copy of the orders made by the Supreme Court approving the scheme was yesterday lodged with ASIC.
As the scheme is now legally effective and is expected to be implemented, the consideration be paid to eligible Azure shareholders will occur on 9 May 2024.
Azure is expected to be delisted from the ASX on 10 May.
Write to Adam Orlando at Mining.com.au
Images: Azure
