Emmerson Resources (ASX: ERM) today announced that the proposed acquisition of 100% of its fully paid ordinary shares by Pan African Resources plc, through its wholly owned subsidiary Tennant Consolidated Mining Group Pty Ltd, has become legally effective. Emmerson Resources is an Australian-based mineral exploration company focused on identifying and developing gold and copper projects. The company confirmed it has lodged with the Australian Securities and Investments Commission (ASIC) the orders made by the Supreme Court of Western Australia approving the scheme of arrangement. Consequently, Emmerson Shares are expected to be suspended from trading on the ASX from the close of trading today, Monday, 22 June 2026.
Under the terms of the Scheme, eligible Emmerson Shareholders, specifically those excluding Ineligible Foreign Shareholders and Relevant Small Parcel Shareholders, who hold Emmerson Shares at the Record Date will receive 0.1493 New Pan African CDIs for each Emmerson Share held, subject to rounding. The Relevant Pan African Shares that would otherwise have been issued to Ineligible Foreign Shareholders and Relevant Small Parcel Shareholders will be issued to a designated Sale Agent. These shares will then be on-sold through a Sale Facility, with the resulting sale proceeds to be remitted directly to those respective shareholders.
The company has outlined a clear timetable for the implementation of the Scheme. The Record Date, which will determine entitlement to receive the Scheme Consideration, is set for 5:00pm (AWST) on Wednesday, 24 June 2026. Trading in Pan African CDIs is scheduled to commence on the ASX on a deferred settlement basis from Tuesday, 23 June 2026. The Scheme is anticipated to be fully implemented, and the Scheme Consideration issued to Emmerson Shareholders, on Wednesday, 1 July 2026. Statements confirming the issue of the New Pan African CDIs are also expected to be despatched on this Implementation Date.
