Warrants12 Dec 2024 08:20
From this am's email:-
'You have the following choices in relation to your outstanding Warrants:
CHOICE A: AGREE TO CANCEL YOUR WARRANTS IN CONSIDERATION OF BIDCO GRANTING YOU REPLACEMENT WARRANTS ON THE SAME TERMS. You can elect to cancel each of the Warrants granted to you under the Warrant Instrument in exchange for the grant of replacement Warrants in Bidco subject to the terms of a new Bidco warrant instrument to be entered into by Bidco (the "Metals Warrant Instrument") (the "Metals Warrants"). A replacement Metals Warrant will be granted over the number of shares in Bidco (“Metals Share(s)”) equal to the number of shares in Target ("Target Share(s)") subject to the original Warrant multiplied by 5.7894, being the exchange ratio derived from the total value of the Fixed Consideration. The subscription price per Metals Share will be equal to the subscription price per Target Share under the original Warrant divided by 5.7894. The intent of this proposal is to preserve the economic value of your Warrants by issuing new warrants granted by Bidco with equivalent terms of the basis of the Fixed Consideration of the Acquisition.
CHOICE B: APPLY NOW TO EXERCISE YOUR WARRANTS CONDITIONAL ON COURT SANCTION. Alternatively, you can elect to exercise any Warrants granted to you under the Warrant Instrument conditional on Court Sanction (unless they lapse earlier in accordance with the Warrant Instrument). You should, however, consider your own personal circumstances, including your own tax position, in consultation with your financial and/or tax advisors, when deciding whether to exercise your Warrants. Please note that, if you exercise any of your Warrants with a subscription price greater than the Offer Price per Target Share, you will not be "in the money" (i.e. you will not generate a profit).
CHOICE C: DO NOTHING. If you do nothing, your Warrants will lapse and cease to be of any value 30 days following the date of this Letter (or, if earlier, the date that they lapse under the Warrant Instrument).
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