Shareholders of Robert Champion de Crespigny-chaired Scarborough Minerals plc and Perth-based minerals investor Mineral Securities Ltd have approved a merger proposal between the two, with the companies now seeking the approval of the English Courts.
The full text of a joint company announcement is pasted below
The boards of Scarborough Minerals and Mineral Securities are pleased to announce that the merger of the two companies has achieved the necessary approvals from the shareholders of both companies and has now moved to the final stage, approval by the English Courts.
Provided that the Court sanctions the Scheme of Arrangement and confirms the associated reduction of capital at the Court Hearing scheduled to take place on 19 July 2007, it is anticipated that, on 20 July 2007, the Scheme of Arrangement will become effective and dealings in Minsec BVI's Shares will commence on the AIM Market of the London Stock Exchange. Minsec BVI CDIs are expected to commence trading on ASX on a "deferred delivery" basis on 2 July 2007 and Minsec BVI CDIs issued to Scarborough CDI holders are expected to become quoted on ASX on 20 July 2007.
Commenting on the outcome of the Shareholder Meetings, Keith Liddell, Executive Chairman of Mineral Securities, who will be Chief Executive of the combined group, said:
"I am pleased with the overwhelmingly positive response of shareholders in both companies to the proposed merger, which has the full recommendation of both boards. The merger combines complementary management teams, skills and assets to create a company that is greater than the sum of its parts. Mineral Securities is now in a position to go forward with increased scale and financial muscle and a stronger platform for future growth."
Robert Champion de Crespigny AC, Executive Chairman of Scarborough Minerals, who will become Chairman of the combined group said:
"This merger creates a stronger company which is better placed to become a large resource investment house. Following the successful conclusion of the merger and the listing on AIM, I look forward to reporting on the delivery of significant value growth for all the shareholders in the merged company."
