Demerger Effective following court appeal
Document date:
Mon 02 Dec 2002
Published:
Tue 03 Dec 2002 00:00:00
Document No:
198674
Document part:
A
Market Flag:
N
Classification:
WMC LIMITED 2002-12-02 ASX-SIGNAL-G HOMEX - Melbourne +++++++++++++++++++++++++ WMC Limited advises that the demerger of the company into two separate listed companies, Alumina Limited and WMC Resources Ltd, will be implemented after the Supreme Court of Victoria approved the scheme of arrangement between WMC and its shareholders (the Share Scheme) earlier today. In connection with the demerger, the Court also approved the scheme of arrangement between WMC and its optionholders (the Option Scheme). The Share Scheme and Option Scheme became effective in accordance with section 411 of the Corporations Act upon lodgement of a copy of the court orders made by Justice Hansen of the Supreme Court of Victoria with the Australian Securities and Investments Commission. The Share Scheme will be implemented on Wednesday, 11 December 2002. Eligible WMC shareholders will receive one WMC Resources share for each WMC share that they hold as at 5.00 pm on Monday, 9 December 2002. WMC shareholders who have a registered address in a jurisdiction other than Australia, New Zealand, Hong Kong, Singapore, Germany, Switzerland, the United Kingdom or the USA are likely to be Ineligible Overseas Shareholders. In such circumstances, the WMC Resources shares to which they are entitled under the Share Scheme will be offered for sale by a sale agent and the Ineligible Overseas Shareholder will receive the net proceeds of the sale. It is expected that WMC Resources shares will commence trading on the ASX, initially on a deferred settlement basis, on Wednesday, 4 December 2002. Holding statements in respect of WMC Resources Shares will be posted to eligible WMC shareholders on Wednesday, 18 December 2002. Normal trading of WMC Resources Shares is expected to commence on Thursday, 19 December 2002. The Option Scheme will be implemented on Thursday, 12 December 2002. Further information on the demerger can be obtained from the WMC website at www.wmc.com, or by telephoning the WMC's Information Line on 1800 301 080 (Australia) or +61 3 9611 5970 (International). P J Horton COMPANY SECRETARY 1