1st Sep 2016 10:41
LONDON (Alliance News) - Bacanora Minerals Ltd on Thursday said it has sent to shareholders an amended form of proxy for voting and a supplement to the management information circular concerning the meeting to be held later this month to vote on its proposal to relocate from Canada to the UK.
Bacanora in June had unveiled the plan to re-domicile its corporate jurisdiction to the UK, arguing a move from Canada will deliver significant cost savings and better suit the senior management team, which is primarily based in the UK.
A month later, the lithium miner set a date for the special general meeting for shareholders to vote on its plan to transfer the existing company into a new UK business and to de-list from the Toronto Stock Exchange, which was meant to occur in August but was postponed after it received an amended interim order from the Alberta Court of Queen's Bench.
On Thursday, Bacanora said it has now sent a supplement to the management information circular to hold the postponed meeting on September 28, alongside an amended form of proxy for voting.
Importantly, Bacanora stressed that the original forms of proxy that were sent on July 11 "will not be valid for voting at the postponed meeting".
If approved, Bacanora then expects the final court approval to come through on October 3, allowing the new company to formally re-list on AIM on October 5 and de-list the shares of the current company.
At least 66.66% of the votes cast by Bacanora shareholders will have to be in favour of the proposal for it to pass
The plan is to create Bacanora Lithium PLC, reflecting the miner's focus on the commodity, which will then acquire the existing London- and Toronto-listed company and become the parent organisation. Ultimately, existing shareholders will have the same holding in Bacanora Lithium as they current hold in Bacanora Minerals.
The company is looking to shun Canada as only around 10% of its shareholding has come from Canada, and its major institutional shareholders have invested into the company through the UK market.
Bacanora shares were down 1.1% to 88.00 pence per share in London on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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