- Pensana Metals (PM8) has received an approval by the Supreme Court of Western Australia to be acquired by its UK counterpart
- According to the scheme of arrangement, Pensana Rare Earths (Pensana UK) will acquire all of the ordinary shares in Pensana
- This will become legally effective once the company lodges the court orders with ASIC tomorrow
- Shares in the company will stop trading at market close tomorrow
- Pensana is up a slight 3.13 percent, trading at 16.5 cents each
Pensana Metals (PM8) has announced a scheme of arrangement to be acquired by its UK counterpart (Pensana Rare Earths) was today approved.
That approval was made by the Supreme Court of Western Australia;
However, legally the acquisition won’t be effective until the company lodges the court orders with the Australian Securities and Investments Commission (ASIC) tomorrow.
If the lodging occurs, the company will stop trading shares at market close tomorrow.
And shares will begin trading in Pensana UK Crest Despository Interests on a deferred basis on Friday January 24.
The company anticipates the trading of Pensana UK CDIs issued as a scheme consideration will then occur on February 7.
Pensana will officially be de-listed from the ASX on the fifth of February.
At market close, Pensana is up a slight 3.13 percent, trading at 16.5 cents each.