Welcome to Indophil Resources NL
Indophil Resources NL is an unlisted public company, incorporated in Australia in 1996. It has been delisted from the Australian Securities Exchange. In late January 2015, Indophil became a wholly-owned subsidiary of Alsons Prime Investments Corporation, part of the Philippine-based Alsons Group. The focus of Indophil has been to acquire, explore for and develop gold and copper-gold opportunities in the Philippines, and elsewhere in South East Asia.
The Company's key asset is a strategic 37.5% interest in the world-class Tampakan Copper-Gold Project in the southern Philippines, in which global mining house Glencore plc (via subsidiary Glencore Queensland ) holds a 62.5% interest. The project is held under a contract to the Philippine Government.
The Tampakan Project has a global resource of 2.94 billion tonnes containing 15 million tonnes of copper and 17.9 million ounces of gold at a 0.2% copper cut-off grade. The Tampakan Project is one of the world's largest undeveloped large-scale, long-life copper and gold deposits.
The Company released its 30 September 2014 Quarterly Report to the market on 23 October 2014. A copy of the report can be found here or under ASX Releases and Quarterly Reports.
Due to implementation of the Scheme of Arrangement with APIC (refer below for further details), the Company is not required to submit a December 2014 Quarterly Report. An application to remove the Company from the official list of the ASX will be made by the end of January 2015.
ALSONS OFFER FOR INDOPHIL
On 23 September 2014, Indophil's Independent Directors announced that the Company had received an all-cash offer from Alsons Prime Investments Corporation (APIC), under which APIC proposes to acquire all of the issued shares of Indophil not already owned by APIC under a Scheme of Arrangement. A copy of the announcement can be found here or under ASX Releases or Scheme of Arrangement in Investor Information.
Under the proposed Scheme, APIC will offer Indophil shareholders A$0.30 cash for each Indophil share they own. The Company will keep the market updated on progress of the Offer.
On 12 November 2014, Indophil advised details of its Scheme Meeting to be held in Melbourne on 18 December 2014. The Company also lodged its Scheme Booklet. Shareholders are invited to review the Scheme Booklet in its entirety before voting on the Scheme. The Independent Directors unanimously recommend that, in the absence of a superior proposal, shareholders VOTE IN FAVOUR of the scheme. A copy of the Scheme Booklet was distributed to shareholders on 17 November and a copy is also available here.
Indophil announced on 17 November that one of the conditions to the Scheme of Arrangement had been satisfied following receipt of FIRB approval. A copy of the announcement can be found here.
Indophil's Scheme Meeting was held in Melbourne on 18 December and shareholders voted overwhelming in favour of the scheme. A copy of the results of the meeting as lodged with ASX can be found here. The next steps of the Scheme are detailed in the Important Dates section of the Scheme Booklet.
The Second Court Hearing for the Scheme of Arrangement between Indophil and APIC was held in Melbourne on Tuesday, 13 January 2015. The Supreme Court provided its approval of the Scheme and a copy of the Court Orders can be found here. ASX further advised the market that Indophil's securities would be suspended from quotation at the close of trading today. Shareholders will be kept up-to-date on the remainder of the steps in the Scheme.
Indophil announced that the Scheme of Arrangement with APIC had been implemented on 23 January 2015 and the shares of the Company were subsequently transferred to APIC. The Record Date to determine entitlements to receive the Scheme Consideration was 20 January.
On 28 January 2015, payment of the Scheme Consideration was made to all shareholders on the share register as at the Record Date of 20 January. Shareholders will receive their funds according to their elected payment method of either a direct credit to a nominated bank account or by cheque via Australia Post.
On 30 January 2015, Indophil was removed from the Official List by ASX.