Westgold to demerge polymetallic assets

Company News

by Anna Napoli

Westgold Resources (ASX:WGX) has provided further details regarding its plans to demerge its Northern Territory polymetallic assets.

The polymetallic assets, which include the Iron-Oxide-Copper-Gold Rover 1 discovery are held by Westgold's wholly owned subsidiary, Castile Resources.

Westgold says after considering the best way to unlock value for these assets for its shareholders the it  has proposed to demerge the wholly owned subsidiary.

Following the proposed Demerger, each Westgold shareholder will receive an entitlement to one 1 Castile share for each four 4 Westgold shares they own.

The demerger remains subject to, among other things, Westgold shareholder approval. The demerger is  expected to be put to a vote at its AGM in late October.

Shares in Westgold (ASX:WGX) are trading 2.65 per cent higher at $1.94.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.