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STEL Stellar Diamond

5.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Stellar Diamond LSE:STEL London Ordinary Share GB00BYZ5QT80 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 5.25 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Stellar Diamonds PLC Result of Court Meeting and GM (5165L)

19/04/2018 3:36pm

UK Regulatory


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RNS Number : 5165L

Stellar Diamonds PLC

19 April 2018

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA, OR IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. SEE THE IMPORTANT NOTICE AT THE OF THIS ANNOUNCEMENT.

THE FOLLOWING ANNOUNCEMENT IS NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO NEWFIELD RESOURCES LIMITED SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME CIRCULAR WHICH WAS PUBLISHED ON 26 MARCH 2018.

19 April 2018

Stellar Diamonds plc ("Stellar")

Recommended Offer

by

Newfield Resources Limited ("NWF")

Results of Court Meeting and General Meeting

The Board of Stellar is pleased to announce that, at the Court Meeting and the General Meeting held earlier today in connection with the recommended acquisition of Stellar by NWF of the entire issued and to be issued share capital of Stellar by way of scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"), all of the resolutions proposed were duly passed by the requisite majorities.

Capitalised terms used but not defined in this announcement have the same meaning as in the scheme Circular sent to Stellar Shareholders on 26 March 2018 (the "Scheme Circular"). The detailed voting results in relation to the Court Meeting and the General Meeting are summarised below.

COURT MEETING

At the Court Meeting, the resolution to approve the Scheme was duly passed on a poll by a majority in number of Scheme Shareholders who voted (either in person or by proxy), representing 99.89 per cent. in value of the Scheme Shares held by Scheme Shareholders who voted. Details of the votes cast are as follows:

 
                Number   Percentage          Number      Percentage        Number of 
             of Scheme    of Scheme       of Scheme       of Scheme    Scheme Shares 
                Shares       Shares    Shareholders    Shareholders         voted as 
                 voted        voted       who voted       who voted     a percentage 
                                (%)                             (%)    of the issued 
                                                                            ordinary 
                                                                       share capital 
                                                                                 (%) 
---------  -----------  -----------  --------------  --------------  --------------- 
 For        37,062,424        99.89              55           96.49            59.77 
---------  -----------  -----------  --------------  --------------  --------------- 
 Against        42,241         0.11               2            3.51             0.07 
---------  -----------  -----------  --------------  --------------  --------------- 
 Total      37,104,665       100.00              57          100.00            59.84 
---------  -----------  -----------  --------------  --------------  --------------- 
 

Accordingly, the resolution proposed at the Court Meeting was duly passed.

GENERAL MEETING

At the General Meeting, the Special Resolution as set out in the notice of the General Meeting contained in Part XI of the Scheme Circular was duly passed as a special resolution. Valid proxy votes (including votes withheld) were received in respect of a total of 36,243,746 Stellar Shares, representing 58.45 per cent. of the total number of votes capable of being cast at the General Meeting. A further 587,862 votes were cast in person at the General Meeting. A poll was conducted on the Special Resolution and the results are detailed below:

 
                Number of         Percentage      Percentage 
                 Stellar Shares    of Stellar      of the issued 
                 voted             Shares voted    ordinary share 
                                   (%)             capital (%)(1) 
-------------  ----------------  --------------  ---------------- 
 For                 36,778,163           99.90             59.31 
-------------  ----------------  --------------  ---------------- 
 Against                 37,548            0.10              0.06 
-------------  ----------------  --------------  ---------------- 
 Withheld(2)             15,897               -                 - 
-------------  ----------------  --------------  ---------------- 
 Total               36,831,608          100.00             59.37 
-------------  ----------------  --------------  ---------------- 
 

Notes

1. The proportions of 'issued ordinary share capital' voted in respect of the Special Resolution shown in column 4 are the number of votes validly cast in respect of the Special Resolution expressed as a percentage of the Company's total issued share capital, being 62,007,748 Stellar Shares.

2. A vote 'Withheld' is not a vote in law and accordingly is not counted in the calculation of the proportion of votes 'For' or 'Against' the Special Resolution as shown in columns 3 and 4.

NEXT STEPS

Completion of the Combination remains subject to the satisfaction or (if capable of waiver) waiver of the remaining Conditions set out in Part IV of the Scheme Circular, including the Court sanctioning the Scheme at the Scheme Court Hearing, which is anticipated to take place on 25 April 2018. Subject to the Conditions being satisfied or (where applicable) waived, the Scheme is expected to become effective on 26 April 2018.

Assuming the Court sanctions the Scheme at the Scheme Court Hearing, in accordance with Rule 41 of the AIM Rules for Companies, application has been made to the London Stock Exchange for cancellation of Stellar Shares to trading on AIM to become effective at 7.00 a.m. on 30 April 2018. Conditional on the Court sanctioning the Scheme and the Scheme becoming Effective, the last day of dealings in Stellar Shares is expected to be 26 April 2018 and the Stellar Shares are expected to be suspended from trading on AIM from 7:30 a.m. on 27 April 2018.

The New NWF Shares are expected to be issued to Scheme Shareholders on 3 May 2018.

TIMETABLE

The expected timetable of remaining events is set out below:

 
 Event                               Time and/or date 
 Scheme Court Hearing (to sanction      25 April 2018 
  the Scheme) 
 Last day of dealings in, and           26 April 2018 
  for registrations of transfers 
  and disablement in CREST of, 
  Stellar Shares 
 Scheme Record Time                   6.00 p.m. on 26 
                                           April 2018 
 Scheme Effective Date                  26 April 2018 
 Dealings in Stellar Shares           7.30 a.m. on 27 
  suspended                                April 2018 
 Cancellation of admission of         7.00 a.m. on 30 
  and dealings in Stellar Shares           April 2018 
 Issue of New NWF Shares to                3 May 2018 
  Scheme Shareholders 
 Expected time of admission                4 May 2018 
  of New NWF Shares to trading 
  on the ASX 
 Despatch of holding statements            9 May 2018 
 Long Stop Date                           31 May 2018 
 

All references to times in this announcement are to London time unless otherwise stated.

Enquiries:

 
 Stellar Diamonds Plc 
 
  Karl Smithson, CEO                Tel: +44 (0) 20 
                                    7010 7686 
 Cairn Financial Advisers LLP 
  (Nominated Adviser and Rule 
  3 Adviser to Stellar) 
                                    Tel: +44 (0) 20 
  Sandy Jamieson, Liam Murray       7213 0880 
 Newfield Resources Ltd 
 
  Anthony Ho                        Tel: +61 (08) 6389 
                                    2688 
 OBH Partners (Advisers to NWF) 
 
  Orlaith O'Brien, Edel Conway,     Tel: +353 1 77 
  Antony Legge                      55 600 
 

Important notices

Cairn Financial Advisers LLP, which is authorised and regulated by the Financial Conduct Authority, is acting for Stellar as financial adviser in relation to the Combination and is not acting for any other person in relation to the Combination. Cairn Financial Advisers LLP will not be responsible to anyone other than Company for providing the protections afforded to its clients or for providing advice in relation to the contents of this document or any offer for Stellar or arrangement referred to herein.

This announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. This announcement does not constitute a prospectus or a prospectus equivalent document. The shareholders of Stellar and NWF are advised to read carefully the formal documentation in relation to the Combination once it has been despatched.

No person has been authorised to make any representations on behalf of Stellar or NWF concerning the Scheme or the Combination which are inconsistent with the statements contained herein, and any such representations, if made, may not be relied upon as having been so authorised.

No person should construe the contents of this announcement as legal, financial or tax advice and any interested person should consult its own advisers in connection with such matters.

Overseas jurisdictions

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe any applicable requirements. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

To the fullest extent permitted by applicable law, the companies and persons involved in the Combination disclaim any responsibility or liability for the violation of such restrictions by any person.

This announcement has been prepared for the purposes of complying with English law, Australian law to the extent applicable, and the Takeover Code and the information disclosed in this announcement may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

Overseas Shareholders

The availability of the Combination and the New NWF Shares to Stellar Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdiction in which they are located or of which they are resident. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable requirements.

Unless otherwise determined by NWF or required by the Takeover Code, and permitted by applicable law and regulation, the Combination will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Combination by any means, instrumentality or form within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this announcement and all documents relating to the Combination are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws of that jurisdiction, and persons receiving this announcement and all documents relating to the Combination (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws of that jurisdiction.

Further details in relation to overseas Stellar Shareholders are contained in the Scheme Circular.

The New NWF Shares have not been, and will not be, registered under the US Securities Act 1933, as amended (the "US Securities Act") or the securities laws of any state, district or other jurisdiction of the United States and the relevant clearances have not been, and will not be, obtained from the securities commission or similar regulatory authority. The Combination is not being made in any US state or other jurisdiction where it is not legally permitted to do so. Accordingly, such securities may not be, offered, sold, resold, delivered or distributed, directly or indirectly, in or into such jurisdictions or any other jurisdiction if to do so would constitute a violation of relevant laws of, or require registration thereof in, such jurisdiction (except pursuant to an exemption, if available, from any applicable registration or prospectus requirements or otherwise in compliance with all applicable laws).

NWF and Stellar intend to rely on an exemption from the registration requirements of the US Securities Act provided by Section 3(a)(10) thereof in connection with the consummation of the Combination and the issuance of New NWF Shares. Stellar Shareholders (whether or not US persons) who are or will be affiliates (within the meaning of the US Securities Act) of Stellar or NWF prior to, or of NWF after, the Effective Date will be subject to certain US transfer restrictions relating to the New NWF Shares received pursuant to the Scheme. For the purposes of qualifying for the exemption from the registration requirements of the US Securities Act afforded by Section 3(a)(10), Stellar will advise the Court that its sanctioning of the Scheme will be relied upon by NWF as an approval of the Scheme following a hearing on its fairness to Stellar Shareholders.

US shareholders should note that the Combination is made for the securities of an English company in accordance with the laws of England and Wales and the AIM Rules for Companies published by the London Stock Exchange. The Combination is subject to disclosure requirements of England and Wales that are different from those of the United States.

The receipt of New NWF Shares pursuant to the Combination by a US Stellar Shareholder may be a taxable transaction for US federal income tax purposes and under applicable state and local, as well as foreign and other, tax laws. Each Stellar Shareholder is urged to consult his independent professional adviser immediately regarding the tax consequences of the Combination.

It may be difficult for you to enforce your rights and any claim you may have arising under US federal securities laws, since NWF is located in Australia and most of its officers and directors are residents of Australia. You may not be able to sue NWF or its officers or directors in Australia for violations of the US securities laws. It may be difficult to compel NWF and its affiliates to subject themselves to a US court's judgment.

You should be aware that NWF may purchase securities otherwise than under the Combination, such as in open market or privately negotiated purchases.

None of the securities referred to in this announcement have been approved or disapproved by the SEC, any state securities commission in the United States or any other US regulatory authority, nor have such authorities passed upon or determined the adequacy or accuracy of the information contained in this announcement. Any representation to the contrary is a criminal offence in the United States.

Notes regarding New NWF Shares

The New NWF Shares to be issued pursuant to the Combination will not be registered under the relevant securities laws of Japan or the Republic of South Africa and the relevant clearances have not been, and will not be, obtained from the securities commission or similar regulatory authority of any province or territory of Canada. Accordingly the New NWF Shares may not be, offered, sold, resold, delivered or distributed, directly or indirectly in or into Canada, Japan or the Republic of South Africa or any other jurisdiction if to do so would constitute a violation of relevant laws of, or require registration thereof in, such jurisdiction (except pursuant to an exemption, if available, from any applicable registration or prospectus requirements or otherwise in compliance with all applicable laws).

The offer of New NWF Shares for issue or sale or resale within Australia is prohibited unless a disclosure document has been lodged with the ASIC, or an exemption applies. New NWF Shares will be issued in reliance on exemptions in ASIC Legislative Instrument 2015/358 as the Combination will be made under a foreign compromise or arrangement that is made in accordance with laws in force in the United Kingdom, being an eligible foreign country.

This document is not a disclosure document for the purposes of Chapter 6D of the Australian Corporations Act 2001 (Cth) and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act 2001 (Cth). It has not been approved by any Australian regulatory authority, such as ASIC or ASX and has not been lodged with ASIC. You are advised to exercise caution in relation to the proposal set out in this document. You should obtain independent professional advice if you have any queries or concerns about any of the contents or subject matter of this document.

Dealing disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) of the Code applies must be made by no later than 3.30 p.m. (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchanger offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8 of the Code. A Dealing Disclosure by a person to whom Rule 8.3(b) of the Code applies must be made by no later than 3.30 p.m. (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Code.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the Code).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0) 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on Website

A copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.Stellar-diamonds.com in accordance with Rule 26.1 of the Code by no later than 12 noon (London time) on 20 April 2018. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Stellar Shareholders may request a hard copy of this announcement by contacting Karl Smithson during business hours on +44 (0) 207 164 6371 or by submitting a request in writing to 40 Bloomsbury Way, Lower Ground Floor, London, WC1A 2SE or by email to karl.smithson@stellar-diamonds.com. Stellar Shareholders may also request that all future documents, announcements and information to be sent to them in relation to the Combination should be in hard copy form. Hard copies of this announcement will not be sent to you by Stellar unless so requested.

Electronic communications

Please be aware that addresses, electronic addresses and certain information provided by Stellar Shareholders, persons with information rights and other relevant persons for the receipt of communications from Stellar may be provided to NWF during the Offer Period if requested under Section 4 of Appendix 4 of the Takeover Code to comply with Rule 2.11(c) of the Takeover Code.

This information is provided by RNS

The company news service from the London Stock Exchange

END

ROMILMITMBJBBMP

(END) Dow Jones Newswires

April 19, 2018 10:36 ET (14:36 GMT)

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