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Merger of Real Energy (ASX:RLE) and Strata-X Energy (ASX:SXA) delayed

Energy
ASX:PH2      MCAP $39.43M
02 March 2021 03:00 (AEST)
Pure Hydrogen (ASX:PH2) - Managing Director, Scott Brown

Source: The Market Herald

The proposed merger of Real Energy (RLE) and Strata-X Energy (SXA) has been delayed after the Federal Court of Australia requested further information.

Strata-X also changed its name today to Pure Hydrogen Corporation (PH2), ahead of the proposed merger.

The merged corporation would have two distinct division — hydrogen and natural gas — with five hydrogen projects in the eastern states of Australia and three natural gas projects in Australia and Botswana.

The Federal Court has adjourned the hearing until the Friday, March 5. If it approves the scheme, the merger will be effective on Monday, March 8.

RLE shares will be suspended from close of trade on that same day. New PH2 shares will commence trading on a deferred basis on the following day and normal trading of PH2 shares will begin on March 18.

If the scheme is not approved, Pure Hydrogen will change its name back to Strata-X or another name the parties agree upon.

RLE closed flat at 9.5 cents, while PH2 dipped 1.9 per cent to close at 26 cents.

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