InvestSMART

Atlantic Lithium Limited (ASX:A11)

ALERT: Price-sensitive ASX Announcement for A11
Current share price for A11 : $0.295 0.015 (5.36%)+
Announcement
Release
7 May 2026 10:01AM
Price at Release
$0.280
Full Release
download
Summary
The Scheme Implementation Deed between Atlantic Lithium Limited and Zhejiang Huayou Cobalt Company Limited sets out the framework for a scheme of arrangement where the Bidder will acquire all shares from the Target's shareholders. The agreement includes detailed obligations, conditions precedent, and timelines for implementation, with completion aimed by December 2026. Key elements include confidentiality protections, indemnities, and an exclusivity arrangement to prevent the Target from seeking other bids. The scheme is governed by the laws of Western Australia, with all dealings subject to Australian corporate regulations.
Key Points
  • Atlantic Lithium Limited (Target) and Zhejiang Huayou Cobalt Company Limited (Bidder) have entered into a Scheme Implementation Deed.
  • The deed aims to facilitate a scheme of arrangement under Australian law, transferring all shares from Target shareholders to the Bidder.
  • The scheme involves several conditions precedent, regulatory approvals, and obligations for both parties.
  • The Target is obligated to propose the scheme, and both parties are to implement it following agreed terms.
  • There are specific conditions under which the parties can terminate the agreement, including breaches or failure to obtain necessary approvals.
  • The deed outlines confidentiality clauses, indemnities, and representations by both parties to ensure compliance and protect interests.
  • There is an exclusivity provision that restricts the Target from seeking alternative proposals during the implementation period.
  • Timelines are outlined for court hearings and scheme meetings, aiming for implementation by December 2026.
  • The agreement is governed by the laws of Western Australia, and disputes are to be resolved under its jurisdiction.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.