Tulla Resources (ASX:TUL) has received approval from the UK High Court of Justice for a proposed demerger and takeover deal that will see the company absorbed by fellow ASX-listed Pantoro (ASX:PNR).
Under the potential deal, Tulla plans to emerge and list its wholly owned subsidiary, Phoenix Industrial Minerals, after which it will be subject to a full takeover by Pantoro through a scheme of arrangement.
on 19 June 2023, the High Court of Justice in the UK made an order approving the demerger scheme
Tulla says on 19 June 2023, the High Court of Justice in the UK made an order approving the demerger scheme, which will see holders of Tulla shares or CDIs will receive 3 ordinary shares in Phoenix for each Tulla share or CDI held on 21 June 2023.
A copy of the court’s order will be lodged with the Registrar of Companies in the UK on 21 June 2023, at which time the demerger scheme will become legally effective for the purposes of UK law. Tulla will request that quotation of its CDIs on the ASX be suspended from the close of trading on 22 June 2023.
On 23 June 2023, Phoenix shares will be issued to holders of Tulla shares and CDIs in accordance with the terms of the demerger scheme, while the takeover scheme’s effective date is 26 June 2023.
The issuance of Pantoro shares will occur on 30 June 2023, while the quotation of new Pantoro shares on the Australian Securities Exchange (ASX) and the removal of Tulla from the ASX will occur on 3 July 2023.
Tulla Resources is an ASX-listed company focused on its Norseman Gold Project that lies within the Eastern Goldfields of Western Australia. The project lies about 725km east of Perth and comprises 150 near-contiguous mining tenements across about 750km-square.
Historically, the project has produced over 5.5 million ounces of gold since operations began in 1935.
Pantoro is an Australian gold producer with operations in the Norseman and Halls Creek regions of Western Australia.
Write to Harry Mulholland at Mining.com.au
Images: Tulla Resources Group
