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