Renergen to delist in January as ASPI takeover reaches final implementation phase
Natural gas and helium producer Renergen will be delisted from the JSE, A2X and ASX on January 12, following the fulfilment of all conditions to its takeover by Nasdaq- and JSE-listed ASP Isotopes (ASPI).
The delisting marks the end of Renergen’s listed life with investors set to receive shares in ASPI.
Renergen and ASPI confirmed on Thursday that the Takeover Panel had issued its compliance certificate, allowing the scheme of arrangement to proceed to implementation. The scheme became unconditional earlier this week, clearing the final regulatory hurdle.
The application for the delisting of Renergen shares will be lodged with the JSE and ASX on Friday, with trading in Renergen shares on the JSE set to be suspended from the start of trade on December 30. Trading in CHESS Depositary Interests on the ASX will be suspended a day later, on December 31.
The scheme implementation date has been set for January 6, with the termination of Renergen’s listings to take effect at the commencement of trade on January 12.
Renergen shareholders on both the South African and Australian registers will receive their scheme consideration shares on January 6, while holders of CDIs on the ASPI register in the US will receive their shares in DRS form on January 12. Cash payments arising from fractional entitlements will follow shortly thereafter.
The merger follows a period of turmoil for Renergen, but CEO Stefano Marani said earlier this year that he was excited about the combined prospects of the merged company that will focus on globally sought-after critical materials.
Isotopes and helium are viewed by many governments as critically and strategically important materials.
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