Technology Metals Australia Ltd (ASX:TMT, OTC:TMAUF) is preparing for the final steps toward its merger with Australian Vanadium Ltd (ASX:AVL, OTCQB:ATVVF), following the approval by TMT shareholders of a Scheme of Arrangement.
The resolution set out in the Scheme of Arrangement includes an amendment to the consideration offered under the scheme, rising from 12 AVL shares for every 1 TMT share to 14 new AVL shares for each TMT share.
Both the scheme and the amended consideration were approved by poll, fulfilling the orders made on December 4 by the Supreme Court of Western Australia.
Next steps to merger
From here, TMT will move to seek approval for the scheme by the Court in a hearing scheduled for Friday, January 19, 2024.
Should the court approve the scheme, TMT will then lodge a copy of the orders from the Court to ASIC the following Monday, at which point the scheme will become effective.
TMT expects the ASX would then suspend TMT shares from trading from the close of trading that day, with implementation of the scheme to occur on February 1, 2024.