Piedmont Lithium Announces Results Of Scheme Meeting

Rhea-AI Summary

Piedmont Lithium Limited (Nasdaq:PLL; ASX:PLL) announced that shareholders have approved its re-domiciliation scheme, where Piedmont Lithium Inc. will acquire 100% of Piedmont. This approval follows requisite majorities, but the scheme is still subject to several conditions, including Foreign Investment Review Board approval and a Supreme Court ruling in Western Australia.

Implementation is anticipated on May 17, 2021, pending the satisfaction of these conditions. Further information is available on the company's websites.

Positive

• Piedmont shareholders approved the re-domiciliation scheme.
• The acquisition will consolidate operations under Piedmont Lithium Inc.

Negative

• The scheme requires additional approvals, creating uncertainty.
• Pending conditions include crucial legal and regulatory approvals.

Piedmont Lithium Limited (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL) is pleased to provide the following update on the status of its proposed re-domiciliation from Australia to the United States.

Piedmont shareholders have today approved, by the requisite majorities, the proposed scheme of arrangement pursuant to which it is proposed that Piedmont Lithium Inc. (Piedmont US) will acquire 100% of the shares in Piedmont (Scheme).

In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001 (Cth), a detailed report of proxies received and the votes cast in respect to the resolution approving the Scheme is included as Appendix 1 to this announcement.

Although Piedmont shareholder approval has been obtained, the Scheme remains subject to a number of conditions as set out in the Scheme Implementation Deed (a full copy of which is disclosed within the scheme booklet, which is available on the ASX website at www.asx.com.au and on Piedmont's website at www.piedmontlithium.com), including:

• Foreign Investment Review Board approval;
• the Supreme Court of Western Australia approving the Scheme (Second Court Hearing);
• the independent expert continuing to conclude that the Scheme is in the best interests of shareholders; and
• the satisfaction or waiver of any remaining conditions prior to the Second Court Hearing.

Subject to these remaining conditions being satisfied or waived, implementation of the Scheme is expected to occur on May 17, 2021.

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 Company Secretary, Mr Gregory Swan.

Click here to view the full ASX Announcement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005822/en/

FAQ

What did Piedmont Lithium Limited announce regarding re-domiciliation?

Piedmont Lithium Limited announced that shareholders approved its re-domiciliation scheme, where Piedmont Lithium Inc. will acquire 100% of the company.

When is the expected implementation date for Piedmont Lithium's re-domiciliation?

The implementation of the re-domiciliation scheme is expected on May 17, 2021.

What conditions must be met for Piedmont Lithium's re-domiciliation to proceed?

The scheme requires Foreign Investment Review Board approval, a Supreme Court ruling, and an independent expert's confirmation that the scheme is in shareholders' best interests.

What is the significance of the Supreme Court of Western Australia for Piedmont Lithium's scheme?

The Supreme Court of Western Australia must approve the scheme, representing a critical step in the re-domiciliation process.

Where can I find more information about Piedmont Lithium's re-domiciliation scheme?

Further information can be found on the ASX website and Piedmont's official website.