UK Politics

Pensana Metals transition to UK-based entity approved by WA Supreme Court


Pensana Metals Ltds (ASX:PM8) transition to a UK-based entity passed its final milestone today with the Supreme Court of Western Australia approving the scheme of arrangement.

This will result in UK-based Pensana Rare Earths plc acquiring the ASX-listed company with shareholder approval already obtained for the UK transition.

Lodgement of court orders

In line with section 411(10) of the Corporations Act 2001 (Cth), the scheme will become legally effective upon lodgement of the court orders with the Australian Securities and Investments Commission (ASIC).

It is expected that a copy of the courts orders will be lodged with ASIC tomorrow, at which time the scheme will become legally effective.

If this occurs, Pensanas shares will be suspended from trading on the ASX at the close of trade tomorrow.

Pensana aims to become one of the worlds major suppliers of the key tech metals of neodymium and praseodymium from its Longonjo project in Angola.

Indicative timeline

Trading in Pensana UK CDIs is expected to begin on a deferred basis on January 24 and the expected record date for determining entitlements to the scheme considRead More – Source