Piedmont Lithium Announces Implementation of Scheme

Rhea-AI Summary

Piedmont Lithium Inc. (NASDAQ:PLL) has successfully implemented a scheme of arrangement to re-domicile Piedmont Lithium Limited from Australia to the USA. All shares of Piedmont Australia have been transferred to Piedmont. Shareholders of Piedmont Australia will receive Scheme consideration in the form of Piedmont CDIs and shares, while ineligible foreign shareholders will have their entitlements sold by an agent, with proceeds remitted to them. The announcement was authorized by the Company's Chief Executive Officer.

Positive

• Successful re-domiciliation of Piedmont Lithium Limited from Australia to the USA is complete.
• Transfer of all Piedmont Australia shares to Piedmont has been executed smoothly.

Negative

• Ineligible foreign shareholders and Non-Electing Small Parcel Holders will not receive shares directly; their entitlements will be sold instead.

Piedmont Lithium Inc. (NASDAQ:PLL, ASX:PLL) (Piedmont or Company) is pleased to advise that the scheme of arrangement (Scheme) to give effect to the re-domiciliation of Piedmont Lithium Limited (Piedmont Australia) from Australia to the United States of America has been implemented.

All Piedmont Australia shares have been transferred to Piedmont. The Scheme consideration, comprising Piedmont CDIs and Piedmont shares, has been issued to Piedmont Australia shareholders and Piedmont Australia ADS holders respectively, other than ineligible foreign shareholders and small parcel holders who did not make an election (Non-Electing Small Parcel Holders).

Ineligible foreign shareholders and Non-Electing Small Parcel Holders will have the Scheme consideration that they would have otherwise been entitled to receive issued to a sale agent who will then sell those Piedmont CDIs and remit the proceeds to those shareholders.

Further information

If you require further information or have questions, please contact the please contact the Piedmont Scheme Information Line on 1300 218 182 (within Australia) or +61 3 9415 4233 (outside Australia) Monday to Friday between 8:30am and 5:00pm (AEDT).

This announcement has been authorized for release by the Company’s Chief Executive Officer.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005235/en/

FAQ

What is the recent development for Piedmont Lithium (NASDAQ:PLL)?

Piedmont Lithium has successfully re-domiciled from Australia to the USA, transferring shares from Piedmont Australia to Piedmont.

What will happen to ineligible foreign shareholders of Piedmont Lithium?

Ineligible foreign shareholders will have their entitlements sold by an agent, with proceeds remitted to them.

How has Piedmont Lithium's share structure changed after the re-domiciliation?

All shares of Piedmont Australia were transferred to Piedmont, with shareholders receiving Piedmont CDIs and shares.