Jan 2 (Reuters) - Highlands Pacific Ltd HIG.AX :
* ENTERED SCHEME IMPLEMENTATION AGREEMENT UNDER WHICH COBALT 27 HAS AGREED TO ACQUIRE ALL OF SHARES IN HIGHLANDS
* HIGHLANDS SHAREHOLDERS WILL BE ENTITLED TO RECEIVE A10.5 CENTS CASH PER SHARE
* INDEPENDENT DIRECTORS INTEND TO UNANIMOUSLY RECOMMEND THAT ALL HIGHLANDS SHAREHOLDERS VOTE IN FAVOUR OF SCHEME