Pan African Resources to debut on ASX after sealing Emmerson takeover
Pan African Resources PLC reported on Monday it had completed its acquisition of Emmerson Resources Ltd after clearing all hurdles, paving the way for its admission to the Australian Securities Exchange.
The Supreme Court of Western Australia made orders approving the Emmerson deal at the second court hearing held on Friday last week.
Emmerson on Monday lodged this court order with the Australian Securities & Investments Commission, making the transaction ‘wholly unconditional’ and ‘legally effective’.
Pan African said it has been admitted to the ASX, with trading in its shares set to start on Tuesday. The Australian listing has no effect on its primary listings on the London Stock Exchange and the Johannesburg Stock Exchange, it said.
A week ago, Emmerson shareholders approved the Pan African takeover.
Pan African early in March agreed to buy Perth, Australia-based Emmerson in an all-share deal.
Under the terms of the proposed deal, Emmerson shareholders received 0.1493 of a new Pan African share for each Emmerson share held.
Pan African has said the Emmerson transaction represents the next logical step since acquiring the Tennant Consolidated Mining Group in 2024 and consolidates its position in the prospective Tennant Creek mineral field.
In Johannesburg, Pan African shares were up 0.5% at R 23.22 on Monday morning, and they were up 0.1% to 106.50 pence in London.
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