Further to the ASX announcements on 23 May 2008 and 19 August 2008, Aquila Resources Limited (?Aquila? or the ?Company?) is pleased to announce that the Federal Court of Australia has today ordered a meeting of Aquila shareholders to be convened to consider the scheme of arrangement (?Scheme?) for the demerger of certain of the Company?s exploration interests into a new company, Aquila Exploration Limited (?AEL?). This meeting will follow a general meeting of Aquila shareholders to consider a capital reduction resolution required in connection with the demerger.
The shareholder meetings will be held on Friday 31 October 2008 at the Parmelia Hilton, 14 Mill Street, Perth, commencing at 10.00am (Perth time).
BDO Kendalls Corporate Finance (WA) Pty Ltd , who were commissioned by Aquila to prepare an Independent Expert?s Report on the Scheme, have concluded that the advantages of the Scheme outweigh its disadvantages and that the Scheme is in the best interests of Aquila?s shareholders.
Full details of the demerger, including a copy of the Independent Expert?s Report and details on how to vote at the shareholder meetings, are set out in the Scheme Booklet which is expected to be posted to Aquila shareholders on or about 19 September 2008.
The indicative timetable for the demerger is as follows:
Event |
Expected date |
Scheme Booklet to be posted to shareholders |
19 September 2008 |
Shareholder meetings |
31 October 2008 |
Court Hearing for approval of the Scheme |
10 November 2008 |
Record Date for determining entitlement to AEL shares |
19 November 2008 |
Implementation Date for the Scheme |
26 November 2008 |
AEL shares commence trading on the ASX |
3 December 2008 |
Tony Poli
Executive Chairman
For further information regarding this announcement, please contact Tony Poli.
Telephone: (08) 9423 0111
Facsimile: (08) 9423 0133
Email address: mail@aquilaresources.com.au
Visit us at: www.aquilaresources.com.au
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Issued by
Purple Communications
Level 3, 28 Kings Park Road, WEST PERTH WA 6005
Ph: 08 9485 1254 Fax: 08 6263 0455
purple@purplecom.com.au
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Aquila Resources ltd.
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EXPLORATION STAGE |
CODE : AQA.AX |
ISIN : AU000000AQA9 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Aquila Res. is a iron and coal development stage company based in Australia. Aquila Res. holds various exploration projects in Australia. Its main exploration properties are PILBARA and WILCHERRY HILL in Australia. Aquila Res. is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is AU$ 1.4 billions as of today (US$ 1.3 billions, € 959.0 millions). Its stock quote reached its lowest recent point on November 30, 2001 at AU$ 0.22, and its highest recent level on December 09, 2007 at AU$ 9.99. Aquila Res. has 411 800 000 shares outstanding. |