Tulla Resources receives additional court approvals for Pantoro takeover scheme

Tulla Resources (ASX:TUL) has received approval from the High Court of Justice in the United Kingdom (UK) for a takeover by fellow ASX-listed Pantoro (ASX:PNR). 

The two companies last week (20 June 2023) received court approval for the demerger portion of the deal following approval of the takeover scheme by holders of Tulla shares on 29 May 2023. The court’s order is expected to be lodged with the Registrar of Companies in the UK on 26 June 2023. 

It is at this time that the takeover scheme will become legally effective for the purposes of UK law and, if this occurs, will result in new Pantoro shares being issued to holders of Tulla shares and CDIs in accordance with the terms of the takeover scheme. 

These new Pantoro shares are scheduled to begin trading on ASX on 26 June 2023 initially on a deferred settlement basis. Meanwhile, the takeover scheme is expected to be implemented on 30 June 2023, with new Pantoro shares being quoted on ASX and commencing normal settlement trading at 10am AEST (8am AWST) on 3 July 2023.

With approval from the High Court of Justice now received, Tulla Resources announces removal of Tulla from the official list of the ASX is scheduled to take place on 3 July 2023 at close of trading on ASX for both the UK and AEST Australia. 

Tulla Resources is an ASX-listed company focused on its Norseman Gold Project that lies within the Eastern Goldfields of Western Australia. The project is situated about 725km east of Perth and comprises 150 near-contiguous mining tenements across 750km-square. 

The project has produced over 5.5 million ounces of gold since operations began in 1935. 

Pantoro is an Australian gold production company with operations in the Norseman and Halls Creek regions of Western Australia.

Write to Adam Drought at Mining.com.au

Images: Tulla Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.