- Northern Star Resources (NST) and Saracen Mineral Holdings (SAR) have merged after implementing their scheme of arrangement
- All Saracen shares have now been transferred to Northern Star
- Saracen shareholders have received 0.3763 of a Northern Star share for every previously held Saracen share
- Northern Star has appointed four Saracen Directors to the company’s Board, with immediate effect
- Saracen has applied to delist from the ASX, which should take effect on February 15
- Northern Star Resources is down 2.11 per cent and trading at $12.04 per share
Northern Star Resources (NST) and Saracen Mineral Holdings (SAR) have merged after implementing their scheme of arrangement.
As per the scheme, all Saracen shares have now been transferred to Northern Star. In consideration, all eligible Saracen shareholders were issued with 0.3763 Northern Star shares for each Saracen share they held at the time of the scheme record date.
Those newly issued Northern Star shares should start trading on the ASX from February 15, 2021.
As part of the merger, Northern Star has appointed four Saracen directors to the company’s board, with immediate effect. Raleigh Finlayson has been appointed Managing Director, Anthony Kiernan has been appointed Lead Independent Director, and John Richards and Sally Langer have both been appointed as Non-Executive Directors.
In addition, Northern Star has said farewell to Peter O’Connor, who retired from the company’s board with effect from today. Peter first joined the Board in May of 2012, when Northern Star’s share price was approximately 40 cents.
Northern Star’s Executive Chair, Bill Beament, said the Board is looking forward to working with the new directors, as the company embarks of a new chapter of growth.
“We have a diverse Board, with each Director bringing particular skills and experience,” he added.
“This composition will help ensure we continue growing returns for all stakeholders, using our first-class team of people, exceptional asset base, strong cashflow, and robust balance sheet."
Saracen has applied to delist from the ASX, which should take effect on February 15.
Northern Star Resources is down 2.11 per cent and trading at $12.04 per share at 2:47 pm AEDT.