RNS Number:2208Z
Scarborough Minerals PLC
28 June 2007
Scarborough Minerals Mineral Securities Limited
SHAREHOLDERS APPROVE MINERAL SECURITIES MERGER
28 June 2007
The boards of Scarborough Minerals and Mineral Securities are pleased to
announce that the merger of the two companies has achieved the necessary
approvals from the shareholders of both companies and has now moved to the final
stage, approval by the English Courts.
Provided that the Court sanctions the Scheme of Arrangement and confirms the
associated reduction of capital at the Court Hearing scheduled to take place on
19 July 2007, it is anticipated that, on 20 July 2007, the Scheme of Arrangement
will become effective and dealings in Minsec BVI's Shares will commence on the
AIM Market of the London Stock Exchange. Minsec BVI CDIs are expected to
commence trading on ASX on a "deferred delivery" basis on 2 July 2007 and Minsec
BVI CDIs issued to Scarborough CDI holders are expected to become quoted on ASX
on 20 July 2007.
Commenting on the outcome of the Shareholder Meetings, Keith Liddell, Executive
Chairman of Mineral Securities, who will be Chief Executive of the combined
group, said:
"I am pleased with the overwhelmingly positive response of shareholders in both
companies to the proposed merger, which has the full recommendation of both
boards. The merger combines complementary management teams, skills and assets to
create a company that is greater than the sum of its parts. Mineral Securities
is now in a position to go forward with increased scale and financial muscle and
a stronger platform for future growth."
Robert Champion de Crespigny AC, Executive Chairman of Scarborough Minerals, who
will become Chairman of the combined group said:
"This merger creates a stronger company which is better placed to become a large
resource investment house. Following the successful conclusion of the merger and
the listing on AIM, I look forward to reporting on the delivery of significant
value growth for all the shareholders in the merged company."
For further information contact:
Keith Liddell
Chairman, Mineral Securities Aust: +61 8 9221 7466
Email: tcaddis@mineralsecurities.com.au
Robert J. Champion de Crespigny AC U.K.: +44 20 7152 6230
Chairman, Scarborough Aust: +61 2 9264 5515
Email: ld@scrbmin.com
Robin Walker U.K: +44 20 7251 3801
Finsbury Group
Email: robin.walker@finsbury.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMGGZVZRFGNZM
|