Congratulations to Essential Metals Limited on its Scheme of Arrangement with DEVELOP for a total consideration of ~A$152.6 million.

The Scheme Consideration is 1 new DVP share for every 6.18 ESS shares held which represented a 34.9% premium to the closing ESS share price of A$0.415 per share on 30 June 2023.

Essential Managing Director Tim Spencer said: “The Scheme provides Essential shareholders with an exciting opportunity to join the rapid growth trajectory of a substantial diversified battery and energy transition metals group, led by Bill Beament, which has delivered exceptional returns for its shareholders over the past two years.”

Essential’s largest shareholder, Mineral Resources Limited (ASX: MIN) (MinRes), has agreed to vote its 19.55% shareholding in Essential in favour of the Scheme in the absence of a superior proposal and subject to the Independent Expert concluding that the Scheme is in the best interests of Essential shareholders.

Essential has appointed Sternship Advisers as financial advisor and HopgoodGanim Lawyers as legal advisor. DEVELOP has appointed Canaccord Genuity – Global Capital Markets as financial advisor and Gilbert + Tobin Lawyers as legal advisor in connection with the Scheme.