Emmerson Resources Limited (ASX: ERM) announced on 1 July 2026 the successful implementation of its previously proposed scheme of arrangement. Emmerson Resources Limited is an Australian exploration and resource development company primarily focused on discovering and developing gold and copper projects. The scheme facilitates the acquisition of 100% of Emmerson’s fully paid ordinary shares by Pan African Resources plc, through its wholly owned subsidiary Tennant Consolidated Mining Group Pty Ltd (TCMG). This significant development marks the completion of the acquisition process that has been underway.
With the scheme now implemented, all Emmerson Shares have officially been transferred to TCMG. In line with the terms outlined in the Scheme Booklet, eligible Emmerson Shareholders who held shares at the specified Record Date have been issued 0.1493 New Pan African CDIs for each Emmerson Share they held, subject to standard rounding procedures. This distribution excludes Ineligible Foreign Shareholders and Relevant Small Parcel Shareholders, whose circumstances are handled separately under the scheme’s provisions.
For Ineligible Foreign Shareholders and Relevant Small Parcel Shareholders, the corresponding Pan African Shares that would otherwise have been issued have instead been transferred to a designated Sale Agent. This agent will proceed to sell these shares on either the London Stock Exchange (LSE) or the ASX, as per the scheme’s instructions. These particular shareholders are subsequently entitled to receive a proportionate share of the proceeds generated from this sale facility, details of which were further elaborated in section 3.8 of the Scheme Booklet dated 8 May 2026.
Following the implementation of the scheme, Emmerson has submitted an application to the ASX for its removal from the official list. The company anticipates that this delisting will come into effect at the close of trading on Thursday, 2 July 2026. This marks the final step in Emmerson Resources Limited’s transition under the acquisition by Pan African Resources plc.
