Energy Fuels takes over Australian Strategic Materials granted by the Federal Court
Synopsis
ASM shareholders will receive 0.053 New Energy Fuels CDIs and A$0.13 cash per share, while optionholders will receive A$0.50 cash per option.
A subsidiary of Energy Fuels Inc has received a federal court of Australia approval for its acquisition of Australian Strategic Materials.
Under this agreement, ASM shareholders will receive 0.053 new Energy Fuels CDIs or shares, along with AU$0.13 in cash for every ASM share. ASM optionholders will receive A$0.50 in cash for each option. Trading in ASM securities will be suspended from the close of 19 August 2026.
Shareholders’ Options
The schemes are expected to take effect after the court orders are lodged with ASIC on 19 August. Eligible ASM shareholders will generally receive New Energy Fuels CDIs unless they elect to receive shares instead. Foreign shareholders who are ineligible will not receive the new CDIs or shares directly. Instead, a sale agent will sell the securities, with shareholders receiving their proportion of the resulting cash proceeds.
Once the takeover is completed, ASM securities will be delisted from the ASX. Trading in the new securities is expected to commence on the ASX, NYSE American and TSX in late August.
Takeover Expected to Complete on August 28
The takeover is expected to be completed on 28 August, with shareholders receiving their consideration shortly afterwards. The transaction will bring ASM’s run as an independent ASX-listed company to an end, with investors moving into securities in Energy Fuels.
Normal trading of New Energy Fuels CDIs is expected to commence on 31 August, while holding statements are scheduled to be sent from 1 September. ASM will announce any changes to the timetable.
Source: Mootley Fools
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