Nusantara and Indika are joint venture partners in the
Lion holds 49,904,775 Nusantara shares and has signed a Voting Intention Statement in support of the Scheme of Arrangement. The Voting Intention Statement confirms Lion intends to vote in favour of the Scheme: in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Nusantara shareholders.
The Offer consideration of
The acquisition will be implemented by way of Scheme of Arrangement under the Australian Corporations Act 2001 (Cth). The Scheme is subject to approval of Nusantara shareholders at a general meeting expected to be held in mid to late
Nusantara's Independent Board Committee, comprising
The reasons for unanimous recommendation by Nusantara's Independent Board Committee will be detailed in the Scheme Book, but include:
The offer provides certainty of Nusantara's shareholder value with a cash offer and without further investor risk inherent in gold price, project financing, construction/commissioning, production and jurisdiction.
The transaction will provide shareholders with liquidity for their investment. Nusantara has typically been a very illiquid stock. The average daily liquidity for the past 3 months was
Nusantara shareholders (including Lion) representing 26.7% of its shares on issue have indicated their support for the proposed transaction by confirming that they intend to vote in favour of the Scheme in the absence of a superior proposal and subject to the independent expert concluding that the Scheme is in the best interests of shareholders.
When considering the merits of the proposed transaction, Nusantara Independent Board Committee had particular regard for: The impact of trying to fund the potentially higher capital costs for the Awak Mas project compared to the 2020 addendum to the DFS (refer Nusantara ASX announcement: FEED Progress Update dated
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