FINWIRES · TerminalLIVE
FINWIRES

Loyal Metals Says Western Australia Supreme Court Orders Shareholder Meeting to Vote on Proposed Acquisition by Bumi Resources

By

Loyal Metals (ASX:LLM) said the Supreme Court of Western Australia ordered on Friday that a meeting of its shareholders be convened to consider and vote on a scheme of arrangement under which it is proposed that PT Bumi Resources' wholly owned unit, Bumi Resources Australia, acquire all of the issued shares in Loyal, according to a same-day Australian bourse filing.

The meeting is scheduled for Aug. 20. Loyal's directors unanimously recommended that Loyal shareholders vote in favor of the scheme, in the absence of a superior proposal.

The court also approved the dispatch of an explanatory statement providing information about the scheme together with the notice of the meeting to Loyal's shareholders. The scheme booklet is expected to be dispatched to eligible shareholders on or around July 15, the filing added.

Related Articles

Asia

FDC Consolidated Shares Rise Nearly 4% on Second Day of Trading

FDC Consolidated Holdings (ASX:FDC) shares rose nearly 4% in recent Friday trade on the construction firm's second day of trading on the Australian bourse.The company raised AU$400.8 million in its initial public offering through the issue of about 133.6 million shares at a price of AU$3 each.

ASX:FDC
Asia

Market Chatter: No Plans to Cut Headcount Amid Rise in AI Adoption, Tata Consultancy CEO Says

Indian technology giant Tata Consultancy Services (NSE:TCS, BOM:532540) does not plan to reduce its overall headcount due to artificial intelligence (AI) and will hire for newer AI-native skill sets, according to a Moneycontrol.com report on Thursday, citing the company's chief executive officer and managing director K Krithivasan.Krithivasan's comments come amid rising concerns of job losses due to the notion that AI will replace employees.There would be no "drastic change" in headcount, however, there could be a change in the skillset requirements, and other new opportunities would come up, Krithivasan said at the company's June earnings conference on Thursday, according to the news report.In the fiscal first quarter ended June 30, Tata Consultancy Services recorded its biggest quarterly headcount addition in four years with the addition of 9,279 employees on a net basis, taking its total workforce to 593,798, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:532540NSE:TCS
Asia

Update: Sandfire Resources Advances US Copper Project With Expanded Pre-Feasibility Study, Shares Up 4%

(Update to add stock movement in the headline and the sixth paragraph)Sandfire Resources (ASX:SFR) issued an updated pre-feasibility study (PFS) for its Black Butte copper project in Montana, outlining a substantially larger development with an extended mine life and enhanced project scale, according to an Australian bourse filing on Thursday after market hours.The study reports a maiden ore reserve for the Lowry deposit of 4.7 million tonnes grading 2.1% copper, containing 100,000 tonnes of copper, alongside a 255% increase in the Lowry mineral resource to 31.5 million tonnes grading 1.3% copper, containing 400,000 tonnes of copper, per the filing.Additionally, Black Butte's total ore reserves increased by 49% to 14.3 million tonnes grading 2.6% copper, containing 370,000 tonnes of copper, extending the planned mine life by about 50% to 12 years, the filing said.The project is expected to produce 35,000 tonnes per annum of contained copper in its first four years, averaging 31,000 tonnes per annum over the initial mine life, with Johnny Lee fully permitted and Lowry advancing through approvals.The PFS is based on a long-term copper price of $4.70 per pound, with initial capital expenditure estimated at around $474 million, life-of-mine sustaining capital of $180 million, an 88% metallurgical recovery rate, and a C1 cash cost of $2.68 per pound of payable copper, the filing added.Its shares rose 4% in recent trading on Friday.

ASX:SFR