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Pilbara Gold Limited (ASX:PGL)

ALERT: Price-sensitive ASX Announcement for PGL
Current share price for PGL : $0.485 0.04 (8.99%)+
Release
31 Jul 2024 11:44AM
Price at Release
$0.445
Full Release
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Summary
The Supreme Court of New South Wales has approved the Scheme of Arrangement under which Salkbridge Pty Ltd, controlled by the Salter Brothers Tech Fund consortium, will acquire all issued shares of Prospa Group Limited that are not already owned by the consortium. With the court orders expected to be lodged with ASIC on 1 August 2024 to make the scheme legally effective, Prospa's shares will be suspended from trading on the ASX from that date. Salter Brothers Tech Fund and Salter Brothers Emerging Companies Limited will jointly fulfill the equity commitment, acquiring 2,222,222 HoldCo Shares at $0.45 per share. The implementation of the scheme is scheduled for 8 August 2024, with eligible Prospa shareholders to receive Scheme Consideration for shares held by 5 August 2024.
Key Points
  • Supreme Court of New South Wales has approved Prospa's Scheme of Arrangement
  • Prospa Group Limited is to be acquired by Salkbridge Pty Ltd, controlled by the Salter Bros Tech Fund consortium
  • Salter Brothers Tech Fund and Salter Brothers Emerging Companies Limited will jointly meet the equity commitment for the transaction
  • Court orders are to be lodged with ASIC on 1 August 2024, making the Scheme legally effective
  • Prospa Shares will be suspended from trading on the ASX from close of trading on 1 August 2024
  • Implementation Date for the Scheme is expected to be 8 August 2024
  • Prospa will provide Scheme Consideration to shareholders holding shares as of 5 August 2024
  • The transaction involves acquiring 2,222,222 HoldCo Shares at $0.45 per share
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.