Loyal Metals Says Bumi Resources Deal Remains on Track

MT Newswires Live

Aug 20

Loyal Metals (ASX:LLM) said its proposed AU$0.45 per share acquisition by Bumi Resources remains on track, with shareholders due to vote on the deal on Thursday and the second court hearing scheduled for Aug. 24, according to an Australian bourse filing on Wednesday after market hours.

Foreign Investment Review Board and ministerial approvals have been received, with the Highway Project acquisition expected to complete on Friday, subject to the required Thalanga Copper Mines and BML Holdings consents, per the filing.

The independent expert continues to consider the scheme fair and reasonable and in shareholders' best interests as convertible securities are converted into ordinary shares, the filing said.

The company said the remaining conditions are on track, although any delay in completing the sale and purchase agreement or obtaining the necessary consents could postpone the court hearing.

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