Neon Energy's Shareholders Vote Against Takeover Bid by Evoworld
Neon Energy Limited announced that further to an Extraordinary General Meeting of the Company held at 2.00pm (Perth time) Wednesday and in accordance with ASX Listing Rule 3.13.2 and section 251AA of the Corporations Act, it is confirmed that the following resolution put to the meeting was defeated:
“That, for the purposes of Clause 35 of the Company’s constitution and for all other purposes, approval be given for the proportional off-market takeover bid by Evoworld Corporation Pty Ltd for 30 percent of the fully paid ordinary shares in the capital of the Company which Evoworld Corporation and its associates do not own or control, on the terms and conditions set out in the bidder’s statement to be lodged by Evoworld Corporation Pty Ltd under Part 6.5 of the Corporations Act 2001 (Cth) and summarized in the explanatory memorandum accompanying this notice of meeting.”
The resolution was defeated on a poll.
Poll results Approval of Proportional Takeover Bid
- Votes cast ‘FOR’ the motion - 10,040,765 (6.15 percent)
- Votes cast ‘AGAINST’ the motion - 153,211,074 (93.85 percent)
- Total Votes Cast - 163,251,839 (100.00 percent)
- Votes "Abstained" - 308,750
The resolution was not carried as an ordinary resolution.
In accordance with Neon Energy’s constitution and the Corporations Act, the effect of this result is that the proportional takeover offer by Evoworld Corporation Pty Ltd (Evoworld) will be deemed to have been withdrawn and any contracts formed by the acceptance of Evoworld’s offer by any Neon Energy shareholders will be rescinded.
Given that the offer will be deemed to have been withdrawn, the Company will not be releasing a Target’s Statement in response to Evoworld’s Bidder’s Statement.
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