Under the scheme of arrangement, eligible Tawana shareholders were allotted and issued one new AMA share for every Tawana share held. This amounted to about 635.9 million new AMA shares. As a result, AMA and Tawana shareholders owned about 51% and 49%, respectively, of the merged entity.
SINGAPORE (June 24): In the last few years, Alliance Mineral -Assets has largely attracted attention for all the wrong reasons. In particular, the lithium miner was engulfed by a shareholder dispute that escalated into a lawsuit. Even though the dispute was eventually settled out of court, the company continued to be loss-making, laden with debt and yet to produce a significant amount of lithium. But things could be turning around for AMA, following a merger of equals with Australian Securities Exchange (ASX)-listed Tawana Resources.
On Dec 14, AMA fully acquired Tawana via a scheme of arrangement. Both companies jointly own and operate the Bald Hill mining concession in Perth, Australia via the joint-venture (JV) company, Lithco No 2.
