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Emmerson Resources Says Pan African Resources Deal Legally Effective; Shares Down 4%

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Emmerson Resources (ASX:ERM) said Pan African Resources' acquisition of the company is now legally effective following the lodging of associated court orders with the Australian Securities and Investments Commission, according to a Monday filing with the Australian bourse.

Eligible Emmerson shareholders will receive 0.1493 new Pan African Chess depositary interests for each share held, per the filing. The deal is expected to be implemented on July 1.

Emmerson said its shares will likely be suspended from the ASX from the close of trading on Monday.

The company's shares fell past 4% in recent Monday trade.

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Emmerson Resources Says Pan African Resources Deal Legally Effective; Shares Down 4% | FINWIRES