Jackson, Scimitar merger deemed fair

The friendly merger between Scimitar Resources and Jackson Minerals has been deemed to be in the best interest of the latter's shareholders following an independent valuation.

Stantons International Securities were appointed for the purpose of determining whether the merger scheme was fair and reasonable.

Under the merger arrangement, Scimitar will offer one of its shares for every 7.5 shares in Jackson. Jackson's unlisted options will be dealt with on an individual basis.

The merger was flagged in December last year, when Tony Sage was announced as the executive chairman of the combined entity.

The merged group will have a uranium focus and hold assets in Australia and Argentina.

Both the companies have recommended shareholders not to take any action.