Posted on 21 Feb 2022
Ontario-based Noront Resources says it has mailed its management information circular and other materials to shareholders in advance of the 15 March special meeting, Kallanish reports.
At that time, Noront shareholders will be asked to approve the acquisition of the company by Australia-based Wyloo Metals and its billionaire owner Andrew Forrest. The materials mailed out include a related form of proxy, a letter of transmittal and a retention election form. The forms went to shareholders of record as of 31 January.
Following the special meeting, Noront will also announce the number of retention elections received on an interim basis as of 14 March. Following the interim announcement, shareholders will have an additional 10 days to make a retention election or withdraw from any previously delivered retention elections.
There will also be an automatic squeeze out if less than 20% of shareholders make a retention election. Wyloo would then acquire all outstanding shares and shareholders who made a retention election will not retain their shares and will instead be entitled to cash considerations of CAD 1.10/share ($0.86/share). The retention election is only required for shareholders who wish to retain their shares and any shareholder who wants the CAD 1.10/share will not be required to make any election, the companies say.
Wyloo is acquiring Noront, after Australia-based BHP officially declined to match Wyloo’s offer for the Canadian mining company with its Eagle’s Nest nickel-copper-platinum-palladium project in the Ring of Fire region in northern Ontario. Wyloo’s latest offer is 57% higher than its previous bid and 47% more than BHP’s last bid. That offer values Noront at CAD 616.9 million. Wyloo already owns a 37.2% stake in Noront.
Source:Kallanish
