Shares in Azure Minerals Ltd are expected to be suspended from trading on the ASX from the close of trading today with the Scheme of Arrangement in regard to the proposed acquisition of 100% of the shares in Azure by SH Mining Pty Ltd now legally effective.
SH Mining is a bid vehicle jointly owned by Sociedad Química y Minera de Chile S.A. (through its subsidiary SQM Australia Pty Ltd) and Hancock Prospecting Pty Ltd (through its subsidiary Hanrine Future Metals Pty Ltd).
This scheme involves a cash consideration of $3.70 per Azure share which has been successful while the alternate fall-back conditional off-market takeover offer for cash consideration of $3.65 per Azure share has been withdrawn with the consent of the Australian Securities and Investments Commission (ASIC).
The takeover offer is, therefore, not open for any further acceptances and all contracts arising from the acceptance of the takeover offer are now void.
Court orders
Azure has today lodged with ASIC a copy of the orders made by the Supreme Court of Western Australia approving the Scheme of Arrangement.
With the scheme now legally effective, it is expected that Azure shares will be suspended from trading on ASX from the close of trading today.
Azure shareholders recorded in the Azure share register as at 5.00pm (Perth time) on Monday, May 6, 2024, will be entitled to receive $3.70 per Azure share held at the scheme record date in accordance with the terms of the scheme.
It is expected that the scheme will be implemented, and that the scheme consideration will be paid to eligible Azure shareholders, on Thursday, May 9, 2024.