23rd Oct 2019 11:47
(Alliance News) - London-listed copper miner MOD Resources Ltd on Wednesday said all of its issued shares have now been transferred to Sandfire Resources NL.
Australian gold and copper mining firm Sandfire agreed to pay AUD0.45 per MOD share back in June in a deal valuing MOD's equity at AUD167 million, around GBP92.2 million. On October 9, the Supreme Court of Western Australia gave its approval for the deal.
The scheme of arrangement under which Sandfire bought MOD has now been implemented. Overall, 153 MOD shareholders, holding 126.6 million shares, elected to receive a cash payment under the scheme of arrangement. The cash payment for these shares is around AUD56.9 million, exceeding the AUD41.6 million maximum cash consideration.
As such, the cash consideration has been scaled back so that it is equal to the maximum. Shareholders making a cash election received AUD0.329 per MOD shares and 0.019 Sandfire shares.
MOD shares will be removed from the Australian Securities Exchange Official List on Tuesday next week and are set to be cancelled from Main Market trading in London that same day. MOD's London shares are currently suspended.
By Anna Farley; [email protected]
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