Court Approves Emmerson Scheme; Shareholders to Receive Pan African CDIs

Scheme of Arrangement Now Legally Effective

Emmerson Resources Limited (ASX:ERM) has confirmed the court-approved scheme of arrangement enabling its acquisition by Pan African Resources plc is now legally effective as of 22 June 2026. The Supreme Court of Western Australia issued the final orders approving the transaction, which have been lodged with the Australian Securities and Investments Commission. This milestone formally seals the deal after months of regulatory and shareholder approvals.

Trading Suspension and Shareholder Entitlements

Following the scheme’s effectiveness, Emmerson shares were suspended from trading on the ASX at the close of trading on 22 June. Shareholders registered as of 5:00pm AWST on 24 June will receive consideration under the scheme: 0.1493 new Pan African CDIs for each Emmerson share held, subject to rounding. This exchange ratio remains unchanged from previous disclosures and reflects the agreed terms of the acquisition.

Handling of Foreign and Small Parcel Shareholders

Shareholders classified as Ineligible Foreign Shareholders or holding Relevant Small Parcels will not receive Pan African shares directly. Instead, their entitlements will be issued to a Sale Agent and sold through a Sale Facility, with proceeds remitted to those shareholders. This mechanism ensures compliance with regulatory and market requirements while providing a pathway for these shareholders to realise value.

Next Steps and Timetable

Pan African CDIs will begin trading on a deferred settlement basis from 23 June 2026, allowing market participants to transact ahead of the formal share issuance. The scheme consideration is expected to be issued and despatched to shareholders on 1 July 2026, completing the transition of Emmerson shareholders into Pan African’s register. All dates remain indicative and subject to change depending on external factors beyond the companies’ control.

Implications for Emmerson Shareholders

With the scheme now effective, Emmerson shareholders are positioned to gain exposure to Pan African Resources’ broader gold mining operations through the receipt of new CDIs. The suspension of Emmerson shares marks the end of its independent listing, while the commencement of Pan African CDI trading opens a new chapter for investors. The orderly execution of the scheme will be closely watched as the market digests the merger’s impact.