Mining services firm DDH1 (ASX:DDH) reports that the Federal Court of Australia has made orders approving the scheme of arrangement where Perenti (ASX:PRN) will acquire 100% of the shares in DDH1.
The scheme will become legally effective upon lodgement of the court orders with the Australian Securities and Investment Commission (ASIC).
DDH1 expects to lodge a copy of the court’s orders with ASIC today (27 September 2023), at which time the scheme will become legally effective.
DDH1 yesterday applied for its shares to be suspended from trading on the ASX from the close of today.
The implementation date and payment of the scheme consideration is scheduled for 6 October 2023.
The implementation date and payment of the scheme consideration is scheduled for 6 October 2023
On 26 June 2023 DDH1 and Perenti entered into a binding scheme implementation agreement under which DDH1 will combine with Perenti to create a major ASX contract mining services group.
DDH1 has 4 brands – DDH1 Drilling, Ranger Drilling, Strike Drilling, and Swick Mining Services. Together they offer a global scale mineral drilling company with operations throughout Australia, North America, and Western Europe.
The company has 195 rigs and one of the top 5 largest fleets globally (about 60% surface and 40% underground).
DDH1 offers a broad range of specialty drilling services across the mining value chain and has a reputation for quality and service delivery.
The firm’s revenue is predominately derived from the production and resource definition phase, which is less cyclical. DDH1’s drilling services are commodity agnostic and it has exposure to a diverse range of commodities including gold, iron ore, nickel, copper, and other critical metals. DDH1 has no exposure to coal.
Write to Adam Orlando at Mining.com.au
Images: DDH1
