Nex Metals Explorations Ltd 02 Variation, Further Variation of Orders

On an application from Nex Metals Explorations Ltd, the Panel has made a further variation to its additional orders (which were varied on 21 January 2022) made in Nex Metals Explorations Ltd 02.

Nex Metals is currently the subject of an off-market scrip takeover bid from Metalicity Ltd.

Among other things, the Panel's final orders1 and additional orders (as varied) made in these proceedings provide that if Nex Metals does not prepare and lodge a replacement target's statement in respect of the Metalicity bid in a form that ASIC does not object to and is accompanied by a report prepared by an independent expert of ASIC's nomination (Nex Metals IER) by 21 January 2022: 2

Metalicity may engage an expert to produce an independent expert's report (Metalicity IER) and dispatch the Metalicity IER to Nex Metals shareholders and Nex Metals' replacement target's statement is no longer required to be accompanied by the Nex Metals IER.

Nex Metals did not lodge a replacement target's statement with the Nex Metals IER by 21 January 2022. Accordingly, the orders described above are operative.

Following Nex Metals' request, the Panel has now made a further variation to the additional orders to, among other things, allow Nex Metals to engage, at its own cost, an expert of its choosing to produce an independent expert's report opining on the Metalicity bid and dispatch that independent expert's report to Nex Metals shareholders.

While the Panel did not consider the variation necessary, because the orders do not in any way prohibit Nex Metals from obtaining an expert's report, it considered that the requested variation was not objectionable

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