Allied Gold Limited: Scheme of Arrangement-Court Orders Convening of Scheme Meetings
Published : May 04, 2011
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Keywords :   Australia | Canada | Gold | K Street | London | Market |

TORONTO, ONTARIO--(Marketwire - May 4, 2011) -

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL

The directors of Allied Gold Limited (Allied) (TSX:ALG)(AIM:AGLD)(News - Market indicators) are pleased to announce that today, Wednesday 4 May 2011, the Supreme Court of Queensland made orders for the convening of two separate meetings of the shareholders and optionholders of Allied (Scheme Meetings) to vote on the two cross-conditional schemes of arrangement (Schemes).

If the Schemes are approved by shareholders and optionholders at the Scheme Meetings, a new UK domiciled company, Allied Gold Mining PLC, will become the holding company of Allied. 

The Scheme Meetings will be held on 6 June 2011 at The Hilton Brisbane Hotel, 190 Elizabeth Street, Brisbane, Queensland. The optionholders scheme meeting will take place at 10.00am (AEST) and the shareholders scheme meeting will take place at 10.30am (AEST).

If the Schemes are implemented:

  • Allied shareholders will receive one ordinary share or CHESS Depository Interest (CDI) in Allied Gold Mining PLC for every 6 Allied ordinary shares held by the shareholder;

  • Allied optionholders will receive one option on the same terms and conditions as their existing option for every 6 Allied options held by the optionholder; and

  • Allied depositary interest (DI) holders will receive one Allied Gold Mining PLC share for every 6 Allied DIs held by the DI holder,

except in the case of ineligible foreign shareholders, who will receive their scheme consideration in cash. Please see the scheme booklet for further details.

By issuing one Allied Gold Mining PLC share or option for every six Allied shares or options on issue, the number of securities issued by Allied Gold Mining PLC will be significantly reduced. Allied believes that a one for six capital consolidation will provide a capital structure that is more consistent with UK and North American general market practice of having a smaller number of higher value securities. It is believed this will enhance the marketability of Allied Gold Mining PLC securities.

Scheme Booklet and Option Explanatory Statement

Details of the Schemes, including details of how Allied shareholders, optionholders and DI holders can vote at the Scheme Meetings are set out in the scheme booklet. Allied optionholders should also refer to the option explanatory statement which will be issued to Allied optionholders in conjunction with the scheme booklet.

Allied will today lodge the scheme booklet and option explanatory statement with the Australian Securities and Investments Commission (ASIC).

The relevant scheme booklets, notice of scheme meetings and instructions on how to vote will be posted to Allied shareholders, optionholders and DI holders and lodged with the Australian Securities Exchange (ASX), the Toronto Stock Exchange (TSX) and Londons AIM Market (AIM) on Friday 6 May 2011.

Allied shareholders, optionholders and DI holders should read the scheme booklet (and if an optionholder, the option explanatory statement also) in its entirety before making a decision whether or not to vote in favour of the Schemes. 

Independent Expert

The Independent Expert, Ernst & Young Transaction Advisory Services Limited, has concluded that the Schemes are in the best interests of Allied shareholders, optionholders and DI holders. A copy of the Independent Expert's Report is set out in Annexure A of the scheme booklet. 

Director's Recommendation

The directors of Allied have carefully considered the Schemes and unanimously recommend that Allied shareholders, optionholders and DI holders vote in favour of the Schemes. Each of the directors of Allied intend to vote all Allied shares and options held by (or on behalf of) them in favour of the Schemes.

Second Court Hearing Date

If the Allied shareholders and optionholders approve the Schemes at their meetings on Monday 6 June 2011, the Supreme Court of Queensland will then need to grant final approval of the Schemes at a second court hearing scheduled for Monday 20 June 2011.



Allied Gold
Australia
Simon Jemison
Investor and Media
+61-418-853-922
or
Allied Gold
Canada
Rebecca Greco
Investor Relations
+1 416-839-8610
or
Allied Gold
London
David Simonson
C/. MerlinPR
+ 44(0) 20 7736 8400
or
Beaumont Cornish Limited (NOMAD)
Roland Cornish
+44 (0) 207 628 339
Data and Statistics for these countries : Australia | Canada | All
Gold and Silver Prices for these countries : Australia | Canada | All

Allied Gold Ltd.

PRODUCER
CODE : ALD.AX
ISIN : AU000000ALD4
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Allied Gold is a gold development stage company based in Australia.

Allied Gold produces gold, copper in Papua New Guinea, and holds various exploration projects in Australia and in Papua New Guinea.

Its main assets in production are SIMBERI MINING JV and JOHNSON CAMP (COPPER CHIEF / BURRO) in Papua New Guinea and its main exploration properties are MT DROMEDARY JV and MONAKOFF in Australia and TABAR ISLANDS in Papua New Guinea.

Allied Gold is listed in Australia. Its market capitalisation is AU$ 31.3 billions as of today (US$ 22.6 billions, € 19.8 billions).

Its stock quote reached its lowest recent point on December 12, 2003 at AU$ 0.14, and its highest recent level on January 21, 2022 at AU$ 30.03.

Allied Gold has 1 042 206 569 shares outstanding.

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In the News and Medias of Allied Gold Ltd.
4/11/2006Broker report
Financings of Allied Gold Ltd.
4/7/2011Completes A$93.8 Million Placement
Nominations of Allied Gold Ltd.
8/4/2011Mining PLC: Appointment of Joint Broker
6/13/2011: Executive Management Changes
1/8/2008 Appoints CEO as PNG mine readies for start
9/28/2007(Simberi Mining Jv) appoints PNG gold mine open pit operator
Project news of Allied Gold Ltd.
10/3/2011Mining PLC: Production Update
4/1/2011(Simberi Mining Jv): Simberi (PNG) Update-Plan to Recommence Production Later T...
4/24/2008(Simberi Mining Jv)SIMBERI GOLD EXPLORATION UPDATE
Corporate news of Allied Gold Ltd.
8/14/2012Results of Shareholder Meetings
8/2/2012St Barbara / Allied Gold: FIRB Approval Received
7/18/2012Posting of Scheme Document
7/11/2012NOTICE TO SHAREHOLDERS
6/29/2012Recommended Offer for St Barbara Limited
6/20/2012Results of Annual General Meeting
5/31/2012Mining Announces Board Member Update
4/30/2012Activities Report for March Quarter (Q1) 2012
3/7/2012announces ASX Appendix 4E Correction
3/2/2012Notification of Major interest in Shares
2/6/2012Mining announces Simberi Support
2/6/2012Mining announces Simberi Support
1/24/2012Activities report for December quarter 2011
1/5/2012December 2011 Quarter Update
10/25/2011Mining PLC: Simberi Update
10/7/2011Mining PLC - Block Listing Application
9/9/2011Mining - FTSE Indices
8/31/2011Mining PLC: Exploration Update
8/24/2011Mining PLC: Proposed PNG legislation not expected to impact ...
8/15/2011MD&A FOR QUARTER AND HALF YEAR ENDED 30 JUNE 2011
7/11/2011Mining PLC: Voting Rights and Capital
6/30/2011Mining Plc: Completion of Schemes and Commencement of Dealin...
6/17/2011: Publication of Prospectus in Connection With Proposed Move...
6/6/2011: Notification of Approval of Shareholder and Optionholder S...
5/31/2011: Notification of Cancellation of Admission to Trading on AI...
5/10/2011: Scheme of Arrangement-Notice of Shareholder Meetings
5/5/2011: Scheme of Arrangement-Court Orders Convening of Scheme Mee...
4/20/2011: UK Main Market Listing and Scheme of Arrangement
3/23/2011Holds Official Re-Opening Ceremony at Gold Ridge Gold Mine
3/6/2011: Simberi (PNG) Gold Production March Quarter Guidance
2/28/2011: Gold Production Imminent Commissioning Begins-Gold Ridge, ...
3/19/2008announces promising early production in PNG
8/2/2007Major hedge coup for Allied Gold
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AUSTRALIA (ALD.AX)
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