Pan African Issues 0.1493 CDIs per Emmerson Share as Scheme Implemented

Scheme Implementation Marks Completion of Pan African Takeover

Emmerson Resources Limited (ASX:ERM) has officially transitioned under the ownership of Pan African Resources plc following the implementation of a Court-approved scheme of arrangement on 1 July 2026. The acquisition, executed through Pan African’s wholly owned subsidiary Tennant Consolidated Mining Group Pty Ltd, sees all Emmerson shares transferred to the new owner, signalling a significant change in Emmerson’s corporate status.

Shareholders Receive Pan African CDIs Under Scheme Terms

Under the scheme, Emmerson shareholders (excluding those classified as Ineligible Foreign Shareholders and Relevant Small Parcel Shareholders) have been issued 0.1493 new Pan African CHESS Depositary Interests (CDIs) for each Emmerson share held at the record date, subject to rounding. This exchange effectively converts Emmerson’s shareholder base into holders of Pan African securities, offering exposure to a larger gold producer’s portfolio.

Shares attributable to Ineligible Foreign Shareholders and small parcel holders have been allocated to a Sale Agent tasked with selling these shares on the London Stock Exchange or ASX. Proceeds from these sales will be distributed to the relevant shareholders via a Sale Facility, a mechanism designed to manage fractional or ineligible holdings efficiently.

ASX Delisting Scheduled for Early July

Following the transfer of shares, Emmerson has applied for removal from the official ASX listing, with delisting expected to take effect after the close of trading on Thursday, 2 July 2026. This move formally ends Emmerson’s independent public company status and reflects its integration into Pan African’s group structure.

The delisting marks the final procedural step in a takeover process that received strong shareholder backing and regulatory approval earlier in June, culminating in the scheme becoming effective and Emmerson shares being suspended from trading on 22 June 2026. The issuance of Pan African CDIs and the delisting complete the transition for investors.

Next Steps for Investors and Market Watchers

Investors who converted their Emmerson shares into Pan African CDIs will now track their holdings through Pan African’s securities, which trade on the ASX and LSE. The Sale Facility proceeds distribution timeline will be a key detail for smaller or ineligible shareholders awaiting their entitlements.

Market participants will be watching how Pan African integrates Emmerson’s assets and operations into its broader gold mining portfolio, as well as any strategic shifts or capital allocation plans that follow this acquisition. The removal of Emmerson from the ASX also alters the landscape for gold mining investors who previously had direct exposure to Emmerson’s standalone performance.