Shell Energy to acquire ERM Power under Scheme of Arrangement

  • Nov 12, 2019 AEDT
  • Team Kalkine

ERM Power Limited (ASX: EPW) has announced that the Supreme Court of New South Wales has approved the proposed scheme of arrangement under which ERM Power limited will be acquired by Shell Energy Australia Pty Ltd.

  • The scheme of arrangement is now legally effective, and the ERM Power shares will be halted from trading on ASX from the close of trading today.
  • ERM Power shares will receive a total cash consideration of $2.42 per ERM Power share comprising:
  • The Special Dividend of $0.085 in cash per ERM Power share. The special dividend of $0.085 is expected to be paid by the company on 25 November 2019.
  • $2.335 in cash per ERM Power share as a scheme consideration. The scheme consideration payment of $2.335 is expected to be made on 29 November 2019.

At AEST (01:17 PM), the stock was trading at $2.415, up by 0.207 per cent from the previous close.

 

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