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Compact Metal's scheme now 'effective and binding', delisting and relisting on Mar 8

FOLLOWING the receipt of the High Court's approval for its restructuring via a scheme of arrangement last month, Mainboard-listed aluminium dealer Compact Metal Industries on Monday said the scheme has become effective and binding.

Shareholders had voted in January for a scheme of arrangement that will see Compact Metal transfer its shares and listing to International Cement Group. Under the deal, Compact Metal will become a wholly-owned subsidiary of International Cement.

The scheme of arrangement took effect when the court order was lodged with the Accounting and Corporate Regulatory Authority on Monday.

The company is expected to delist on March 8, the same day that shares in the new company will commence trading. 

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