AI assistant
ARIKA RESOURCES LIMITED — M&A Activity 2022
Mar 16, 2022
64420_rns_2022-03-16_dfee3a5f-2606-4ae7-92a3-386c3ae11ec4.pdf
M&A Activity
Open in viewerOpens in your device viewer
ABN 63 124 706 449
Address: 45 Guthrie St Osborne Park, WA 6017, Australia Postal: PO Box 6731, East Perth WA 6892, Australia Phone: 61 8 9221 6813 Email: [email protected]
17 March 2022
Company Announcements Officer Australian Securities Exchange Level 40, Central Park 152-158 St Georges Terrace Perth WA 6000
Dear Sir/Madam
Replacement Target’s Statement
Nex Metals Explorations Ltd (Nex or the Company) has today lodged its Replacement Target’s Statement with the Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX) in response to Metalicity Limited (ASX: MCT) off-market takeover offer for 90% of the issued securities of Nex (Offer).
The Replacement Target’s Statement has also been given to MCT and is in the process of being dispatched to Nex Shareholders in accordance with the Corporations Act 2001 (Cth).
Background
Nex lodged its original Target’s Statement in relation to the Offer with ASIC and provided a copy to ASX on 29 October 2021 (Original Target’s Statement).
The Takeovers Panel considered that there were some material deficiencies in the Original Target’s Statement, in contravention of the standard of disclosure required by section 638 of the Corporations Act 2001 (Cth) and made orders on 30 November 2021 for Nex to lodge a Replacement Target’s Statement to replace the Original Target’s Statement and prepare an Independent Expert Report.
Two Independent Expert Reports are being prepared by two separate independent experts and the Company will release them once they are available.
Director Recommendation
The Board of Nex unanimously recommend that you REJECT the Offer from MCT BY TAKING NO ACTION.
In considerating the Board of Nex’s recommendation, Nex shareholders should review the comprehensive information provided in the Replacement Target’s Statement lodged today.
This announcement is approved by authority of the Managing Director, Kenneth Allen.
Yours Faithfully
==> picture [117 x 49] intentionally omitted <==
Kenneth M Allen
**** END ****