ASX-listed Australian Vanadium has announced a A$217-million merger agreement with fellow listed Technology Metals Australia. Under a scheme of arrangement, Australian Vanadium would acquire all of the Technology Metals shares on issue, offering 12 of its own shares for every Technology Metals share held, implying an offer price of 32.4c a share based on Australian Vanadium’s last closing price of 2.7c a share.
PERTH – ASX-listed Australian Vanadium has announced a A$217-million merger agreement with fellow listed Technology Metals Australia.
The offer represented a 9.8% premium to Technology Metals’ last closing price, and a 26.7% premium to the company’s 30-day volume weighted average share price. The increased scale of the combined company would also improve the ability to raise equity finance and secure project financing for final investment decisions and project development, while also giving the enlarged company improved access to government, export credit agencies and private sector financing.
“It is our opinion that RCF’s strong support for the placement highlights their long-term backing of the combined business as well as a broader view on the strengthening vanadium thematic. The transaction will leverage the best of both organisations, including best in class technical work, assets and people, and will result in AVL becoming the leading force in the Australian vanadium sector,” said Arvidson.
The transaction will be subject to a number of condition, including shareholder and court approvals, and an independent expert concluding that the scheme was in the best interest of Technology Metals shareholders.
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