Azure Minerals Limited (ASX: AZS) has provided an update in relation to the proposed acquisition of 100% of the shares in Azure by SH Mining Pty Ltd, 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), by way of a scheme of arrangement for cash consideration of A$3.70 per Azure share and a fall-back conditional off-market takeover offer for cash consideration of A$3.65 per Azure share should the Scheme not be successful.
The Joint Bidders have confirmed that all competition law approvals required under the Transaction Implementation Deed between Azure, SH Mining, and the Joint Bidders have been obtained, and accordingly that the relevant conditions precedent set out in clause 3.1(b) and clause 1.7(b) of Schedule 2 of the Transaction Implementation Deed have been satisfied. The Transaction remains subject to other conditions as set out in the Transaction Implementation Deed. Each of these conditions needs to be satisfied or (if applicable) waived before the Scheme can become effective or the Takeover Offer can become unconditional.
As announced on 14 February 2024, Azure has lodged the draft Transaction Booklet with ASIC and expects to send it to Azure shareholders in early March 2024. Further details on the timing of the Transaction will be included in the Transaction Booklet and any changes will be announced on the ASX.
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