Poseidon Nickel Limited (ASX:POS) Announces Effective Schemes of Arrangement
Schemes of Arrangement Become Effective
Poseidon Nickel Limited (ASX:POS) confirmed the effective date of the Schemes of Arrangement for its merger with Horizon Minerals Limited (ASX:HRZ). The Schemes, approved by the Supreme Court of Western Australia, allow Horizon to acquire 100% of Poseidon’s shares and options.
Lodgement of Court Orders and Suspension of Trading
The company lodged the Court Orders with ASIC, marking the legal effectiveness of the Schemes. Trading of POS securities was suspended on the ASX from the close of trading on 10 February 2025.
Payment of Scheme Consideration
POS shareholders as of 5:00pm AWST on 12 February 2025 will receive 0.1156 HRZ shares per POS share held. Similarly, POS option holders will receive 0.1156 HRZ options per option held. The Scheme Consideration is expected to be distributed on 19 February 2025.
Timetable and Next Steps
Key dates include the suspension of trading on 10 February 2025, the record date on 12 February 2025, and the implementation date for Scheme Consideration on 19 February 2025. POS will provide updates as the timeline progresses.
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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