Spartan Resources shareholders approve takeover by Ramelius Resources
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The news: Shareholders in gold miner Spartan Resources have voted overwhelmingly in favour of a proposed takeover by rival Ramelius Resources, with the deal expected to be completed by the end of the month.
The numbers: Ramelius is offering $0.25 in cash and 0.6957 new Ramelius shares per Spartan share through a scheme of arrangement. The two companies entered a binding transaction implementation deed in March.
About 90.3% of eligible Spartan shareholders that were present or represented voted in favour of the scheme resolution.
The context: A second court hearing at the Supreme Court of Western Australia will be held on 21 July and Spartan intends to lodge an office copy of the court order with the corporate regulator on 22 July, at which point the scheme will be effective.
Implementation of the scheme is expected to occur on 31 July. Spartan shareholders as of the scheme record date on 24 July will receive the scheme consideration.
The source: ASX
