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LONDON - Greatland Gold plc (AIM:GGP) announced today that its shareholders have overwhelmingly approved a scheme of arrangement, marking a significant step in the company’s restructuring process. The approval was granted during a Court Meeting and General Meeting, both held on Monday.
The scheme of arrangement, which is a court-approved agreement between a company and its shareholders or creditors, required the approval of Greatland Gold’s shareholders. The results of the Court Meeting revealed that 99.95% of the voting Scheme Shareholders supported the resolution, representing 64.34% of the issued ordinary share capital eligible to vote.
Subsequently, at the General Meeting, two special resolutions were passed. The first resolution, which pertained to the adoption of amended articles of association, received 99.97% votes in favor. The second resolution, granting directors the authority to carry out the scheme, also secured 99.97% approval.
The successful votes are part of Greatland Gold’s ongoing restructuring efforts and follow the company’s satisfaction of a key condition related to receiving a statement of no objection from the Treasurer of Australia for the acquisition of GRL Shares by Newmont NOL Pty Limited under the scheme. This condition was necessary for complying with the Australian Foreign Acquisitions and Takeovers Act.
The implementation of the scheme remains subject to the satisfaction or waiver of the remaining conditions, including court sanctioning which is expected to occur at a hearing scheduled for June 18, 2025. Upon court approval, the scheme is anticipated to become effective on June 20, 2025, with the last day of dealings in Greatland Gold shares slated for June 19, 2025.
The company has outlined an expected timetable for the remaining principal events leading up to the scheme’s completion, including the issuance of Greatland Resources Limited (GRL) shares and the admission of these shares on the Australian Securities Exchange (ASX).
This announcement is based on a press release statement and provides shareholders and the market with the latest developments in Greatland Gold’s restructuring process. The information contained in this article is factual and does not include any promotional content or subjective assessments.
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