A copy of the orders made by the Supreme Court of Western Australia approving the scheme of arrangement in which Patronus Resources Ltd, formerly Kin Mining NL (ASX:KIN), will acquire PNX Metals has been lodged with the Australian Securities and Investments Commission.
This means that the scheme of arrangement is now legally effective and it is expected that PNX shares will be suspended from trading on the ASX with effect at close of trading today, Monday, September 2, 2024.
PNX shareholders (other than ineligible foreign shareholders) will be entitled to receive the scheme consideration of one Patronus share for every 13 PNX shares held on the scheme record date, being 5:00pm AWST on September 4, 2024.
Ineligible foreign shareholders of PNX will receive the net proceeds of the sale of the scheme consideration to which they would have otherwise been entitled to receive.
It is expected that the scheme will be implemented and the scheme consideration will be issued on Wednesday, September 11, 2024.