Anything is is possible JBThis is what can happen when you have...

Anything is is possible JB

This is what can happen when you have a decent strike on one of your ELs

Keep in mind that a IGO share is worth almost $4 these days

I owned SIR shares and a great time was had by all

Shareholders give green light to $1.8b Independence Group takeover of Sirius Resources

By Kathryn DissPosted 3 Sep 2015, 6:52pmPHOTO: 

Mark Creasy believes IGO's cash flow will mean the new company is well-placed in a tough market. (ABC News: Kathryn Diss)RELATED STORY: WA nickel miner in $1.8 billion takeover deal

RELATED STORY: Independence and Sirius merger set to create major West Australian diversified mining companyIndependence Group's $1.8 billion takeover of Sirius Resources has sailed through, with shareholders voting overwhelmingly in favour of a deal which will create WA's largest diversified miner.The Sirius breakup was decided by three successive votes, which all passed in Perth this morning.The first ticked off on the de-merger of Sirius's gold assets in Western Australia's Goldfields, south of the town of Kambalda, out of which new company S2 Resources will be formed.The second vote approved Independence's takeover of the rest of the company and the third dealt with a reduction is Sirius's issued capital, needed for the demerger.Under the terms of the deal, Sirius shareholders will receive 0.66 Independence shares for each Sirius share they hold and 52 cents in cash.I'm very happy we're together with IGO, this is a very tough market and the two together is stronger than the two apart.Mark CreasySirius Resources soared to fame when it discovered the Nova nickel deposit in the Fraser Range south-east of Kalgoorlie just over three years ago, triggering a stunning share price rise.Millionaire prospector Mark Creasy first pegged the area in the 1990s before the assets were injected into Sirius, in which he held a 35 per cent stake.Under the takeover Mr Creasy emerges as the single largest shareholder in Independence Group (IGO), turning his 35 per cent stake in Sirius into an 18.6 per cent share in the merged entity.Speaking after the shareholder meeting, Mr Creasy said it was a good deal."I'm very happy we're together with IGO, this is a very tough market and the two together [are] stronger than the two apart," he said."With the cash flow IGO's got, that's going to make everything much more stable and safe."Don't forget we still own 50 per cent so we're not abandoning it."We'll be looking for sunny days and everything booming." Sirius's chief executive and managing director Mark Bennett will take over running of S2 resources.Mr Bennett said the break-up was a win-win for both parties."It is a good deal, even though the market is what it is today, it is still as good a deal as what it was on day one," he said."As far as S2 goes we probably can't provide too many forward-looking statements right now but we are all looking forward to it," Mr Bennett said.Mr Creasy still has other land pegged around the state.When asked if his newly formed relationship with IGO would help him develop it, he joked he would like to keep some "competitive tension" around but agreed it was a good strategic partnership."I'm sure there will be an economic reason for keeping a close relationship with IGO, I'll have 18.5 per cent, so that's a pretty compelling reason," Mr Creasy said.The demerger is expected to proceed on the September 21 and should be listed on the Australian Securities Exchange by mid-October.

https://www.abc.net.au/news/2015-09-03/shareholders-vote-for-sirius-takeover-by-independence-group/6747934