IGO has changed its name from Independence Group to IGO Limited, marking a change in its company type and constitution.
Further to the new identity, IGO has also shifted from a no liability company to one that is limited by shares.
Under the new company type, any shareholders’ liability is limited to the amount unpaid on the shares they hold. Members’ personal assets will not be at risk when they invest in the company.
The board of IGO approved these changes at the 2019 annual general meeting on November 20 last year.
IGO has also let its offer for Panoramic Resources lapse on January 17, following its decision not to waive a number of defeating offer conditions for Panoramic.
The company had set a number of conditions to Panoramic, including the appointment and funding of a technical expert to confirm the performance status at the Savannah project in Western Australia and providing due diligence access to IGO.
Panoramic deemed the IGO offer as “unsolicited and highly conditional,” advising its shareholders to take no action.
Any Panoramic shareholders that have accepted the offer will have their acceptances cancelled and will be free to deal with their Panoramic shares as they see fit, according to IGO.