SIR 0.00% $2.52 sirius resources nl

News: Independence Group to acquire Sirius Resources for $1.8B

  1. Independence Group (ASX:IGO) will acquire Sirius Resources (ASX:SIR) for $4.38 per share or A$1.8 billion in total by way of a scheme of arrangement.

    Sirius last traded at $3.24. Sirius discovered the world class Nova-Bollinger nickel project in the Fraser Range of Western Australia.

    The deal represents a large payday for largest shareholder of Sirius, Mark Creasy with his 34.5% shareholding. It is also a shot in the arm for Fraser Range explorers.

    In exchange for their shares, Sirius shareholders will receive:

    - 0.66 IGO shares for every one (1) Sirius share held;
    - Cash consideration of 52 cents per Sirius share; and
    - Circa one (1) S2 share for every 2.5 Sirius shares held.

    S2 will hold the Polar Bear and Scandinavian asset portfolio currently owned by Sirius, plus approximately A$22 million cash upon listing.

    Major shareholder, Mark Creasy supports the transaction, in the absence of a superior proposal.

    Assuming the proposed transaction proceeds, the Creasy Group will control approximately 18.6% of IGO.

     

 
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