Newcrest enters into binding scheme implementation deed with Newmont

[Spondy]

Market Release from Newcrest today. Takeover agreed, subject to approvals and votes. Expected by end of 2023. Business as usual for Havieron with Newmont approval required regarding any disposal.

https://www.newcrest.com/sites/default/ ... elease.pdf

Market Release
15 May 2023

Newcrest enters into binding scheme implementation deed with Newmont.

• Newcrest and Newmont have reached agreement to proceed with a proposal for Newmont to acquire 100% of the issued shares in Newcrest by way of an Australian scheme of arrangement

• Newcrest Board unanimously recommends shareholders vote in favour of the Newmont Transaction


If the Newmont Transaction is approved by Newcrest shareholders and the other conditions precedent are satisfied or waived, the Scheme is expected to be implemented by the end of 2023.


6.3 Other specific conduct of business

During the Exclusivity Period, and without limiting any other obligations of Newcrest under this deed, Newcrest:

(a) must not, and must ensure that each Newcrest Group Member does not, except with the prior written consent of Newmont (not to be unreasonably withheld or delayed), directly or indirectly dispose of, or agree to dispose of, or otherwise relinquish or surrender:

(1) any securities, joint venture participating interest or similar equity or other ownership interest in any of the operations known as Cadia, Lihir, Brucejack, Red Chris, Telfer, Havieron or Wafi-Golpu, other than restructures within the Newcrest Group in respect of which Newcrest has (acting reasonably) consulted Newmont;

(2) any material tenement, lease, licence, authorisation, real property interest, project asset or project infrastructure of the operations known as Cadia, Lihir, Brucejack, Red Chris, Telfer, Havieron or Wafi-Golpu;

[jecsggp]

A good day's reading! I've done an initial 'skim-through' and your useful and relevant summary from section 6 focuses the mind. It much appreciated. It seems that they need to maintain the status-quo with GGP (among others) while finalising the sale so no concerns there. (Oh! to be a fly on the wall in Shaun's office)


John

Market Release from Newcrest today. Takeover agreed, subject to approvals and votes. Expected by end of 2023. Business as usual for Havieron with Newmont approval required regarding any disposal.

https://www.newcrest.com/sites/default/ ... elease.pdf

Market Release
15 May 2023

Newcrest enters into binding scheme implementation deed with Newmont.

• Newcrest and Newmont have reached agreement to proceed with a proposal for Newmont to acquire 100% of the issued shares in Newcrest by way of an Australian scheme of arrangement

• Newcrest Board unanimously recommends shareholders vote in favour of the Newmont Transaction


If the Newmont Transaction is approved by Newcrest shareholders and the other conditions precedent are satisfied or waived, the Scheme is expected to be implemented by the end of 2023.


6.3 Other specific conduct of business

During the Exclusivity Period, and without limiting any other obligations of Newcrest under this deed, Newcrest:

(a) must not, and must ensure that each Newcrest Group Member does not, except with the prior written consent of Newmont (not to be unreasonably withheld or delayed), directly or indirectly dispose of, or agree to dispose of, or otherwise relinquish or surrender:

(1) any securities, joint venture participating interest or similar equity or other ownership interest in any of the operations known as Cadia, Lihir, Brucejack, Red Chris, Telfer, Havieron or Wafi-Golpu, other than restructures within the Newcrest Group in respect of which Newcrest has (acting reasonably) consulted Newmont;

(2) any material tenement, lease, licence, authorisation, real property interest, project asset or project infrastructure of the operations known as Cadia, Lihir, Brucejack, Red Chris, Telfer, Havieron or Wafi-Golpu;

[Bamps21]

Here’s the 10 tier 1 assets