Fission Uranium (TSX: FCU) appears to be struggling to obtain shareholder support for its proposed transaction with Paladin Energy (ASX: PDN). The company this morning was forced to delay its special meeting of shareholders to approve the transaction.
The firm this morning indicated that it has yet to obtain the approval of 66.6% of shareholders required for the transaction to proceed, but “based on a preliminary assessment of votes [..] the majority of votes cast to date support the arrangement.” Close to half of the votes needed to close the transaction are said to remain outstanding, with the company postponing the special meeting in an effort to gain more time to obtain approval.
The special meeting of shareholders, originally scheduled to take place today, as a result has been delayed until September 9, 2024.
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Under the terms of the arrangement, Fission shareholders are to receive 0.1076 of a Paladin share for every share of Fission they hold. At the time of announcement, this figure represented $1.30 per share in consideration, a 25.8% premium for shareholders.
Fission Uranium last traded at $1.02 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
