Kangaroo Resources Limited
ABN: 38 120 284 040
ASX Code: KRL
16 October 2018
ASX RELEASEFIRST COURT HEARING
Kangaroo Resources Limited (ASX: KRL) (Kangaroo Resources) refers to its recent announcements regarding the proposal from PT Bayan Resources, TbK (PT Bayan) to acquire by way of a court-approved scheme of arrangement (Scheme) all of the issued shares of Kangaroo Resources that PT Bayan does not already own.
First Court Hearing
Kangaroo Resources is pleased to announce that the Supreme Court of Western Australia (Court) has approved the despatch of its Scheme booklet (Scheme Booklet). The Court has further ordered that Kangaroo Resources convene a meeting of its shareholders (other than PT Bayan and its related bodies corporate) to consider and if thought fit approve the Scheme (Scheme Meeting).
Despatch of the Scheme Booklet
The Scheme Booklet will be released on ASX and despatched to Kangaroo Resources shareholders following registration with the Australian Securities and Investments Commission (ASIC). The Scheme Booklet will also be available on the Company's website and the ASX website. The Scheme Booklet is expected to be despatched to Kangaroo Resources shareholders on or before 22 October 2018.
The Scheme Booklet contains important information about the Scheme. Kangaroo Resources shareholders are encouraged to read the Scheme Booklet and accompanying materials in their entirety before deciding whether or not to vote in favour of the Scheme.
Scheme Meeting
The Scheme Meeting will be held at 11am (WST) on 26 November 2018 at the Duxton Hotel, 1 St Georges Terrace, Perth, Western Australia. Kangaroo Resources shareholders are encouraged to vote on the Scheme by attending the Scheme Meeting in person or by returning the proxy form that accompanies the Scheme Booklet.
The independent expert, KPMG Corporate Finance, has concluded that the Scheme is fair and reasonable to Kangaroo Resources shareholders and therefore in the best interests of Kangaroo Resources shareholders, in the absence of a superior proposal.
The Independent Directors unanimously support the Scheme and recommend that Kangaroo Resources shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to the independent expert continuing to conclude that the Scheme is in the best interests of Kangaroo Resources shareholders.
Details on how to lodge a proxy vote are included in the Scheme Booklet.
Level 2, Suite 9, 389 Oxford Street, Mount Hawthorn, Western Australia 6016
| +61 8 9381 4320| +61 8 9380 6761
www.kangarooresources.com
Kangaroo Resources Limited
ABN: 38 120 284 040
ASX Code: KRL
Second Court Hearing
If the Scheme is approved at the Scheme Meeting and all conditions of the Scheme are satisfied or waived, Kangaroo Resources will apply to the Court for orders approving the Scheme.
Indicative Timetable
Expected key dates for the Scheme are set out below:
Action | Date |
Scheme Meeting | 11am WST on 26 November 2018 |
Second Court Hearing | 3 December 2018 |
Effective Date of the Scheme | 4 December 2018 |
Suspension of trading in Kangaroo Shares | 4 December 2018 |
Record Date for determining entitlement to Scheme consideration | 7pm AEDT on 6 December 2018 |
Implementation Date for the Scheme | 11 December 2018 |
All dates following the Scheme Meeting are indicative only and are subject to the necessary approvals from the Court. Kangaroo Resources reserves the right to vary the times and dates set out above.
Yours faithfully
Paul Jurman Company Secretary
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Kangaroo Resources Limited published this content on 16 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 October 2018 09:27:02 UTC