Newcrest Shareholders Approve Acquisition By Newmont

(RTTNews) - Newcrest Mining Ltd (NCMGY.PK), an Australian mining company, said on Friday that its shareholders have agreed to the acquisition of the company by Newmont Corp (NEM) via its unit Newmont Overseas Holdings Pty Ltd.

In May, Newmont had agreed to acquire Newcrest for $1.10 per share.

According to Newcrest, 84.74 percent of its shareholders were present and 92.63 percent were in favor of the scheme resolution as set out in the Notice of Scheme Meeting.

Eligible Newcrest shareholders will receive 0.400 Newmont securities for each Newcrest share held on the record date of October 30, as per the terms.

The company will now apply to the Australian federal court for approval of the scheme resolution on October 17.

If the court approves the scheme at the second hearing, then a copy of it will be submitted to Australian Securities and Investments Commission or ASIC following which the scheme will become effective.

It is expected that Newcrest shares will stop trading on the ASX, PNGX and TSX on October 26, and Newmont shares will commence trading on NYSE and TSX on November 6.

Newcrest declared a special dividend of $1.10 per Newcrest share payable on October 27 to shareholders of record on October 19.

Currently, Newcrest are trading at AUD26 up 0.78% in Australia and Newmont shares closed at $38.78 down 0.84% on the New York Stock Exchange.