Spartan Resources (ASX:SPR) said that a resolution, regarding the acquisition by Ramelius Resources (ASX:RMS) of all shares in Spartan that it does not already own, was approved by a majority of its shareholders in a Friday meeting, according to a same-day Australian bourse filing.
The acquisition will be implemented through a scheme of arrangement or a fallback conditional off-market takeover offer for AU$0.25 in cash and 0.6957 new Ramelius shares for each Spartan share.
96.3% of the votes cast by eligible Spartan shareholders on the resolution were in favor of it, per the filing.
The firm applied to the Supreme Court of Western Australia for approval of the deal at a hearing scheduled for July 21. It is expected to become effective on July 22, contingent upon court approval.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.