IMX Resources (ASX: IXR) has proposed the distribution of the company's stake in Uranex (ASX: UNX) - a rate of 1 Uranex share for 5.67 IMX shares held.
This equates to a $0.07 per share dividend to IMX shareholders, with IMX Resources currently holding around 46.3 million shares in Uranex.
The transaction will be by way of an in specie distribution, being a part capital reduction and part payment of a dividend in kind, and will continue to simplify the structure of IMX Resources - allowing the company to concentrate on its core business.
The proposal is conditional upon IMX shareholder approval and demerger relief
from the ATO.
Uranex thanked the IMX board for its support since Uranex became an independently listed entity in 2005, and understands the reason for divesting itself of a non-core asset to focus on iron ore and steel making commodities.