LGL shares listed under Newcrest

NEWCREST Mining Ltd, the new owner and operator of Lihir gold mine, has completed the implementation of the scheme of arrangement (SOA) agreed with Lihir Gold Ltd.
Under the scheme, all shares of LGL are now registered in the name of Newcrest.
Newcrest’s deputy company secretary Peter Larsen yesterday notified in a statement that SOA by which Newcrest has acquired LGL shares has been completed and application to delist LGL from Australian Securities Exchange (ASX) and Port Moresby Stock Exchange (POMSoX) will be made in due course.
The cash component of the scheme consideration amounting to A$532.99 million will be paid in cheque in Australian dollars and will be sent to scheme participants by prepaid post on or before Sept 21.
The 280,987,564 new Newcrest shares issued under the scheme have been registered in the names of scheme participants.
Holding statements for the new Newcrest shares issued under the scheme will be despatched by Sept 21, Larsen said.
Trading of these shares on ASX and POMSoX is expected to begin on a normal settlement basis on Sept 22.
Consequently, following the change of ownership of LGL, Dr Ross Garnaut, Bruce Brook, Dr Peter Cassidy, Dr Mike Etheridge, Lady Winifred Kamit, Geoff Loudon and Alister Maitland had resigned from the board of directors and have were replaced with the following Newcrest executives: Gregory John Robinson; Stephen Ernest Nigel Creese; Debra Jane Stirling and Lawrence John Conway.
Charted accountant and PNG resident David Guinn has also been appointed as a director of LGL.