Magnis Resources Limited
(ASX:MNS) has updated shareholders on the proposed demerger of the company’s non-core uranium assets, leading to a separate listing of these assets within a new entity on the ASX.
After meeting with major shareholders and industry professionals, the company has commenced a process of restructuring ownership of the assets to facilitate the demerger transaction.
The company says an EGM will be called shortly to approve the demerger and in-specie distribution of shares in the new entity to eligible Magnis shareholders.
It says a Notice of General Meeting and Explanatory Statement along with a timetable of the proposed demerger will be available in the coming weeks.
Magnis Resources reported a net loss of $13.24 million at 30 June 2015.
