Acquisition of Western Areas Limited
Transaction Details (cont.)
Transaction is expected to complete in April 2022, subject to satisfaction of conditions
igo
IGO transaction
funding
WSA Board and
shareholder
support
IGO intends to fund the Transaction and associated costs through a combination of:
A debt facility of A$900M underwritten by ANZ, CBA and NAB; and
Cash of A$272M sourced from IGO's existing cash reserves of A$552M (as at 30 September 2021)
Western Areas' Board of Directors have recommended that Western Areas shareholders vote in favour of the Transaction, and each
Western Areas Director intends to vote their Western Areas shares in favour of the Scheme, in the absence of a superior proposal
and subject to an independent expert concluding that the Scheme is in the best interests of Western Areas shareholders
Perpetual Limited ("Perpetual") (which currently owns 14.7% of the Western Areas shares) has confirmed to IGO that, if the Scheme
proceeds, it intends to vote all of the shares in Western Areas that it holds (directly or indirectly) at the time of the Scheme meeting in
favour of the scheme, in the absence of a superior proposal or offer to acquire any of the Shares held by Perpetual, and subject to
Perpetual continuing to consider the Scheme to be in the best interests of its member. For the avoidance of doubt, Perpetual has
confirmed to IGO that this intention statement:
•
does not prohibit Perpetual from selling any of its Western Areas shares, in its absolute discretion, prior to the Scheme meeting;
is only valid until 6 months after the date of this announcement or earlier if IGO decides not to pursue the Scheme; and
will be subject to Regulatory Guide 25 (RG25) published by the Australian Securities and Investments Commission.
Indicative Timing
The Transaction is expected to complete in April 2022.
An indicative timetable can be found on slide 32 of this presentation.
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