(Alliance News) - MOD Resources Ltd on Wednesday said an Australian court has ordered a shareholder meeting to vote on its acquisition by Sandfire Resources NL.
The Supreme Court of Western Australia approved the dispatch of MOD Resources' scheme booklet on Tuesday and ordered that a shareholder meeting be convened to consider and approve the scheme of arrangement.
The scheme meeting will take place on October 1 and MOD Resources said its board recommends that shareholders approve the deal.
In addition to the news in Australia, Botswana-focused copper miner MOD Resources has also obtained approval from the Competition Authority of Botswana, which is required for the scheme to go ahead.
Sandfire is to pay AUD167 million, or GBP91.1 million, for MOD Resources.
Shares in MOD Resources were untraded in London on Wednesday morning, last closing at 22.75 pence.
Natural resource investor Metal Tiger, which holds a 10.5% stake in MOD Resources, was "pleased to note" the announcement on Wednesday. Metal Tiger shares were up 4.2% at 1.22p in London.