Azure Minerals Limited (ASX: AZS) has provided an update regarding 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 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.
As outlined in the transaction booklet dated 4 March 2024, the shareholder meetings detailed in that transaction booklet will take place as scheduled, being: – the extraordinary general meeting to seek Azure shareholder approval of the joint bidding arrangements between SQM and Hancock scheduled at 10am (Perth time) on 8 April 2024.
As shareholders will be aware, both the Scheme and Takeover remain subject to several conditions, including approval from the Foreign Investment Review Board.
Whilst SQM and Hancock continue to positively engage with FIRB regarding this approval, Azure has been advised that FIRB has requested, and SH Mining has agreed to, an extension to the statutory deadline for the making of that decision to 30 April 2024.
This is a standard extension request and Azure is not currently aware of any reason that the required FIRB approval will not be received or any other matters that would result in the non-fulfilment of any conditions to the Scheme. Accordingly, Azure will approach the Supreme Court of Western Australia to defer the Second Court Date that was scheduled for 10 April 2024 to a future date.
To find out more, please visit www.azureminerals.com.au
To read more news like this, please visit www.theassay.com/news
