Friday 13th October 2023: At today's meeting, Newcrest (NCM) shareholders overwhelmingly voted in favour of a $26.2bn "merger" with US gold mining giant Newmont (the world's largest gold miner).
Newcrest-shareholders-vote-in-favour-of-Scheme.PDF
Some of the details:
- 84.74% of Newcrest shareholders present and voting (in person or by proxy) were in favour of the Scheme Resolution; and
- 92.63% of the votes cast by Newcrest shareholders were in favour of the Scheme Resolution.
Next steps
Newcrest will apply to the Federal Court of Australia (Court) for approval of the Scheme at a hearing scheduled for 10.15am (Melbourne time) on 17 October 2023.
If the Court approves the Scheme at the Second Court Hearing, a copy of the Court orders will be lodged with ASIC, following which the Scheme will become effective.
Special Dividend
Newcrest announced on 5 October 2023 a Special Dividend of US$1.10 per Newcrest share, subject to the Scheme becoming effective. This dividend will be fully franked.
Newcrest shares on the ASX and PNGX will trade ex the Special Dividend from commencement of trading on 18 October 2023. Newcrest shares on the TSX will trade ex the Special Dividend from commencement of trading on 19 October 2023.
The record date for the dividend will be 7.00pm (Melbourne time), 19 October 2023 and it will be paid on 27 October 2023.
Scheme Consideration
Subject to the Scheme becoming effective, eligible Newcrest shareholders will be entitled to receive the Scheme Consideration of 0.400 Newmont securities for each Newcrest share held on the Scheme Record Date, being 7.00pm (Melbourne time) on 30 October 2023. Newcrest shareholders on the:
- Australian share register will receive Newmont CHESS depositary interests (Newmont CDIs);
- PNG share register will receive Newmont PETS depositary interests (Newmont PDIs); and
- Canadian share register will receive Newmont shares (Newmont Shares).
Click on the link above to read the full announcement.
Disclosure: I like gold, but I do not hold Newcrest or Newmont shares.
