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Newfield Resources and Stellar Diamonds to merge

Published by , Assistant Editor
Global Mining Review,

Australian exploration company Newfield Resources Ltd (Newfield) and AIM-listed Stellar Diamonds plc (Stellar) have entered an agreement which recommends the combination of Newfield and Stellar via a UK scheme of arrangement and a corresponding offer to acquire all of the rights over Stellar’s ordinary shares (including warrants, options and other rights).

Subject to the completion of the transactions and assuming no other Newfield or Stellar shares are issues, the total number of Newfield shares to be issued to Stellar shareholders and the holders of rights over Stellar shares would, in aggregate, amount to approximately 95.10 million new Newfield shares, representing in aggregate, approximately 16.37% of the enlarged issued share capital of the combined group following completion of the transactions.

According to Newfield Resources, the Stellar offer is conditional on the approval of the scheme by Stellar shareholders, amongst other things.

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Australian mining news