Peel Mining (ASX:PEX) implemented the demerger of Spectre Metals from the firm via a capital reduction and pro rata in-specie distribution of Spectre shares to Peel shareholders, according to a Tuesday Australian bourse filing.

The demerger distribution of Spectre shares was in the ratio of one Spectre share for every 4.4591 Peel shares held as of June 24, and was transferred to Peel shareholders or to the demerger sale agent.

The scheme of arrangement, in which Aeris Resources (ASX:AIS) will acquire all of Peel shares on issue, is expected to be implemented on Wednesday.