Emmerson Resources shareholders to vote on Pan African Resources offer
Emmerson Resources Ltd will seek shareholder approval for its takeover by Pan African Resources PLC at a general meeting next month.
Pan African early in March agreed to buy Australia-based Emmerson in an all-share deal.
Under the terms of the proposed deal, Emmerson shareholders will receive 0.1493 of a new Pan African share for each Emmerson share held. Based on Pan African’s closing price of £1.58 per share on March 6, the transaction implies a fully-diluted equity value for Emmerson of £163 million, or A$311 million.
The acquisition is subject to shareholder and regulatory approvals. Under Australian law, the takeover requires the approval of at least 75% of all votes cast by Emmerson shareholders.
On Friday, Emmerson said it has asked its shareholders to vote on the deal at a scheme meeting on June 15. It expects to delist from the Australian Securities Exchange on July 2.
The Emmerson board unanimously recommends that Emmerson shareholders vote in favour of the acquisition.
Pan African has said it would seek to list on the ASX, but it said the ASX listing will have no effect on its primary listings on the London Stock Exchange and the Johannesburg Stock Exchange.
Pan African acquired the rest of Tennant Consolidated Mining Group Pty Ltd for $54.2 million in November 2024.
In Johannesburg, Pan African shares were down 0.8% at R 34.68 on Friday midday, and they were down 0.3% to 155.70 pence in London.
Emmerson shares closed up 2.4% to A$0.42 in Sydney.
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