Court orders Aquila shareholder meeting
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The Federal Court of Australia has ordered a meeting of Aquila Resources Ltd's shareholders in October to consider the 'scheme' for the demerger of certain of the company's exploration interests in new company Aquila Exploration Limited.
The meeting will follow a general meeting of Aquila shareholders to consider a capital reduction resolution required in connection with the demerger.
The latest development follows months of speculation surrounding possible takeovers of the Como-based carbon steel resources producer and developer.
BDO Kendalls Corporate Finance (WA) Pty Ltd were commissioned by Aquila to prepare an independent expert's report on the scheme.
They concluded that the advantages of the scheme outweigh its disadvantages and that the scheme is in the best interests of Aquila's shareholders.
Full details of the demerger are set out in the scheme booklet which is expected to be posted to Aquila shareholders in the next two weeks.
The expected date for the court hearing to approve the scheme is November, 10 2008 with the implementation of the scheme expected in late November.