MOD Resources Limited Scheme of Arrangement Becomes Effective (2776P)

TIDMMOD

RNS Number : 2776P

MOD Resources Limited

09 October 2019

9 October 2019

MOD Resources Limited

("MOD" or the "Company")

Scheme of Arrangement Becomes Effective

MOD Resources Ltd (ASX/LSE:MOD) (Company or MOD) is pleased to advise that a copy of the orders of the Supreme Court of Western Australia (Orders) approving the scheme of arrangement pursuant to which Sandfire Resources NL (Sandfire) will acquire all of the issued shares of the Company (the Scheme) has been lodged with the Australian Securities and Investments Commission and the Scheme has become legally effective. A copy of the Orders is attached.

MOD's securities will be suspended from trading on the Australian Securities Exchange (ASX) at the close of trade today, 9 October 2019.

The admission of MOD's ordinary shares to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's Main Market will be suspended with effect from market opening in London today, 9 October 2019.

MOD shareholders (other than those MOD shareholders who made a cash election, ineligible foreign shareholders and shareholders who hold an unmarketable parcel who do not, or are unable to, make an election to receive Sandfire shares (Unmarketable Parcel Shareholders) who hold shares at 5:00pm (ADST) on 16 October 2019 will be issued 0.0664 Sandfire shares for every MOD share held (Scrip Consideration).

The consideration to be received by MOD shareholders who have made a cash election will be determined after the record date (expected to be 16 October 2019) when the final share numbers of those who have elected cash consideration is known. The indicative amount that these MOD shareholders would receive is detailed in MOD's ASX announcement on 25 September 2019. As previously advised, this amount may change based on movements on the share register up until the record date and the final audit, analysis and calculation of cash elections, which is being undertaken after the record date.

It is expected that the Scheme consideration will be paid or issued (as applicable) to MOD shareholders on 23 October 2019.

Ineligible foreign shareholders and Unmarketable Parcel Shareholders will have the Scrip Consideration that they would have otherwise been entitled to receive issued to a sale agent who will then sell those Sandfire shares and remit the proceeds (if any) to these shareholders by the end of November.

For and on behalf of the Board.

 
Julian Hanna                Mark Clements 
 Managing Director           Executive Chairman and Company 
                             Secretary 
Jeff Sansom                 Jos Simson / Emily Moss (UK PR 
 Investor Relations          & IR) 
 E: IR@modresources.com.au   Tavistock 
 P: +61 (8) 9322 8233        P: +44 (0) 207 920 3150 
                             P: +44 (0) 778 855 4035 
                             E: MOD@tavistock.co.uk

Subscribe at: www.modresources.com.au

About MOD Resources

MOD Resources Ltd (ASX/LSE: MOD) is a dual listed copper exploration and development company with a dominant land position within the Kalahari Copper Belt in Botswana. The Company is focussed on developing the 100% MOD owned T3 Copper Project, which has potential to be a high-margin, low-cost copper mine. In parallel with the progressing towards the development of the T3 Copper Project, MOD has undertaken substantial exploration programs across several priority drill targets and within untested areas of interesting and potentially significant Electromagnetic and Cu-Zn soil anomalies.

MOD and its in-country operating companies Tshukudu Metals Botswana (Pty) Ltd and Tshukudu Exploration (Pty) Ltd have a social licence to operate within Botswana as well as within the host community of Ghanzi. MOD continues to work collaboratively with Government regulators and members of the Ghanzi District community to ensure that any social investments and developments are targeted to create a positive and lasting legacy.

On 25 June 2019, the Company announced Sandfire had made an offer to acquire 100% of MOD shares by way of a Scheme of Arrangement.

Please see court order in the full version of the announcement at www.modresources.com.au

-ENDS-

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END

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October 09, 2019 04:39 ET (08:39 GMT)

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