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AMO
Notice
Alumina Limited (ASX Code: AWC) have released the scheme booklet for the proposed Scheme of Arrangement with NYSE listed Alcoa Corporation (NYSE: AA) to acquire 100% of the shares in AWC.
The scheme is still subject to shareholders and court approvals.
If this scheme is approved, AWC shareholders will receive 0.02854 Alcoa CDIs for each AWC share held on the scheme record date. AWC will subsequently be delisted from the ASX.
The indicative timetable (from the ETO’s perspective) is:
AWC Scheme Meeting |
Thursday, 18 July 2024 |
Court Hearing to approve the Scheme (Second Court Date) |
Monday, 22 July 2024 |
Scheme Effective Date |
Tuesday, 23 July 2024 |
Last day of trading in AWC shares - |
Tuesday, 23 July 2024 |
Scheme Record Date |
Thursday, 25 July 2024 |
Scheme of Arrangement Termination Implications for AWC ETOs
According to the terms of the scheme, AWC shares will cease trading after the scheme becomes effective. ASX has consulted ASXCL and has determined to terminate all AWC ETOs contracts by cash settlement at the intrinsic value with the AWC reference price to be ASX closing price for AWC on Tuesday, 23 July 2024.
Option positions held at the close of business on Tuesday, 23 July 2024 will be closed out and cash settled at the intrinsic value. Takers will be credited and writers debited. The intrinsic value method is equivalent to the expiry of the options effectively brought forward to the last day of trading of the underlying security. ASXCL will settle these cash amounts on the next business day – Wednesday, 24 July 2024.
Exercise Restriction
An exercise restriction will be placed on AWC ETOs on AWC shares last day of trading on the ASX - Tuesday, 23 July 2024.
Listing Restriction
To mitigate the number of termination in AWC ETO contracts, a listing restriction on AWC ETOs will apply on Wednesday, 19 June 2024.
No further AWC series will be listed from Wednesday, 19 June 2024.
What do I need to do by when?
Participants to be aware of the adjustment method ASX AWC ETOs contracts for the proposed Scheme of Arrangement.
Effective Date
A further ASX Notice will be released after the closing of trading on Tuesday, 23 July 2024 outlining the termination prices for AWC ETOs.
Need more information?
Issued by
Greg Fitzpatrick, Senior Manager, Clearing Operations
Contact information
William Ward
clearing@asx.com.au