Utilico Investments Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
Utilico Investments Ltd Announces Investment in Zeta Resources Limited
Utilico Investments Limited (Utilico) announced that it has entered into agreements to combine a number of its resource investments with Kumarina Resources Limited (Kumarina), an Australian based resources company with copper and gold projects in Western Australia, to form an active Australian listed resource holding and development group, Zeta Resources Limited. Utilico will transfer investments with a current book value of approximately £25.4m (transfer to be made at the market value as at the date of the transfer) into Utilico's wholly owned subsidiary, Zeta Resources Limited (Zeta). Zeta has entered into a merger implementation agreement with Kumarina which provides that Zeta and Kumarina will merge by way of a scheme of arrangement. Kumarina is listed on the Australian Stock Exchange (ASX) and Utilico has an existing shareholding in Kumarina of 8.37%. Completion of the transfer and merger, which is expected to take place in April 2013, is conditional, inter alia, on receipt of a conditional listing letter from the ASX for the listing of Zeta and the approval by Kumarina shareholders of the scheme of arrangement. Prior to completion, Zeta is proposing to raise up to A$25m (£17m) in new equity from new investors. Pursuant to the terms of the agreement between Zeta and Utilico, Utilico's resultant holding in Zeta will be proportionate to the value of the assets it has contributed to the assets of the merged entity (post capital raising).
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