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Piedmont Lithium's proposed re-domiciliation to US continues to make progress

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Piedmont Lithium Ltd‘s (ASX:PLL) (NASDAQ:PLL) (OTCMKTS:PDDTF) (FRA:PL4) proposed re-domiciliation from Australia to the United States continues to make progress with the Supreme Court of Western Australia approving despatch of the scheme booklet

Re-domiciliation is proposed via a scheme of arrangement under which Piedmont Lithium Inc. (Piedmont US), a newly formed US corporation, will acquire Piedmont.

The court has also ordered the convening of a meeting of Piedmont shareholders to consider and, if thought fit, approve the scheme.

Scheme details

If the scheme is implemented Piedmont shareholders will receive one Piedmont US CHESS depositary interest (CDI) for every Piedmont share held on the scheme record date.

Piedmont US’s CDIs will then be listed on the ASX and holders of Piedmont US CDIs will be able to trade their Piedmont US CDIs on the ASX after the implantation of the scheme.

In addition, Piedmont American Depositary Share (ADS) holders will receive one Piedmont US share for every Piedmont ADS held on the scheme record date.

Piedmont US’s shares will then be listed on the Nasdaq and holders of Piedmont US shares will be able to trade their Piedmont US shares on the Nasdaq after the implementation of the scheme.

Independent expert’s conclusion

The scheme booklet to be despatched includes an independent expert’s report from BDO Corporate Finance Pty Ltd, which concludes that the scheme is in the best interests of Piedmont shareholders.

BDO’s conclusion should be read in its context with the full independent expert’s report in the scheme booklet.

Directors’ recommendation

Piedmont’s directors unanimously recommend that shareholders vote in favour of the scheme and intend to vote all the Piedmont shares held of controlled by them in favour of the scheme – subject to the independent expert continuing to conclude that the scheme is in the best interest of Piedmont shareholders.

The company encourages shareholders to read the scheme booklet in its entirety before deciding whether to vote in favour of the scheme at the meeting.

Scheme meeting

The shareholder meeting will be held at the conference room, ground floor, 28 The Esplanade Perth, Western Australia and electronically on April 7, 2021, at 10:00am (AWST).

Due to the potential health risks associated with large gatherings and the coronavirus pandemic, the company has arranged for shareholders to participate in and vote at the scheme meeting electronically.

All Piedmont shareholders who cannot attend the scheme meeting are encouraged to vote either by joining the scheme meeting or electronically, or by appointing a proxy, corporate representative, or attorney to attend the scheme meeting or join the electronic scheme meeting on their behalf.

Story by ProactiveInvestors


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