AWE Limited (ASX: AWE) announced that it has entered into a binding Scheme Implementation Deed with Mineral Resources Limited (Mineral Resources) (ASX: MIN). Under the terms of the agreement, Mineral Resources has agreed to acquire all of the shares in AWE via a Scheme of Arrangement (the Scheme).
Each AWE shareholder will receive as default consideration $0.415 paid in cash and between 0.0198 and 0.0277 Mineral Resources shares per AWE share. Shareholders will be provided with the ability to elect to receive 100% cash or 100% scrip, with actual allocation subject to scale back to ensure total transaction consideration paid is 50% cash and 50% scrip.
The number of Mineral Resources shares to be issued to AWE shareholders will be determined by the volume weighted average price (VWAP) for Mineral Resources shares calculated over the 10 trading days ending on the day prior to the Scheme vote. If the Mineral Resources VWAP is between $15.00 and $21.00, the number of Mineral Resources shares per AWE share will be equal to $0.415 divided by the Mineral Resources VWAP (subject to rounding). AWE shareholders will receive the maximum number of 0.0277 Mineral Resources shares per AWE share if the Mineral Resources VWAP is $15.00 or less and receive the minimum number of 0.0198 Mineral Resources shares per AWE share if the Mineral Resources VWAP is $21.00 or more.
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