Revised merger timetable

Lion and Catalpa yesterday announced a revised timetable for the merger of the companies' gold assets.

Lion Selection and Catalpa Resources yesterday announced a revised indicative timetable for the proposed merger of the companies’ gold assets.

According to the companies, processing the documentation is taking longer than anticipated, but both parties are still aim to complete the merger by late November.

The partners will dispatch the scheme booklet in early October and the shareholders from each company will meet separately to discuss the proposal in November.

Lion and Catalpa have agreed to amend the end date of the merger implementation agreement from 31 October to 30 November.

There are no changes to any of the terms of the proposed merger, the demerger of Lion Selection, the 10 cent per share cash distribution by Lion or the termination of Lion Manager.

The merger has the unanimous support of the directors of both Catalpa and Lion, the companies said.

Since announcing the agreement on 5 August, shares in both Catalpa and Lion have risen by more than 30%.

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