Southern Cross Gold Ltd (ASX:SXG) Announces Court Approval of Scheme
Southern Cross Gold Ltd (ASX:SXG) has received approval from the Supreme Court of New South Wales for its scheme of arrangement, allowing Southern Cross Gold Consolidated Ltd. (TSXV:SXGC), to acquire the remaining shares of SXG. This strategic move is set to enhance shareholder value and streamline operations within the company.
Implementation Timeline
The scheme will become effective upon the lodging of the court’s orders with the Australian Securities and Investments Commission (ASIC) on 15 January 2025. Following this, trading of SXG shares will be suspended, leading to the commencement of trading on a deferred settlement basis for Southern Cross Gold Consolidated Ltd. CDIs under the code SX2. The Scheme Record Date for determining entitlements is set for 7:00 pm on 17 January 2025, with the implementation date scheduled for 24 January 2025. Normal trading of the CDIs is expected to commence on 28 January 2025.
Executive Comments
Justin Mouchacca, Company Secretary of Southern Cross Gold Ltd, commented on the approval, stating, “This marks a significant step forward in our journey, and we look forward to the completion of this arrangement, further solidifying our position in the market.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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