On December 18, Western Australian iron ore miner Atlas Iron Limited (Atlas) announced that the schemes of arrangement between fellow Western Australian miner Warwick Resources Limited (Warwick) and its own shareholders and option holders (scheme participants) in relation to the merger of Warwick with Atlas have been implemented. All Warwick ordinary shares have been transferred to Atlas and all Warwick options to acquire shares in Warwick will now be cancelled.
In accordance with the merger implementation agreement, directors William Burbury, Bruce McQuilty and Richard Bennett have resigned from the Warwick board.
An application to delist Warwick from the Australian Securities Exchange has been made and this is expected to take effect on December 21, 2009.
As SteelOrbis previously reported, on September 8 this year Warwick and Atlas announced that Atlas had agreed to buy Warwick for AU$65 million in stock to increase the supply of iron ore and boost its bargaining power with mills.