Gindalbie demerger approved

DESPITE a pitch by activist shareholder Sandon Capital to reject a “suboptimal” offer and chase a higher capital return, plans to sever Gindalbie Metals from its stake in the now-worthless Karara magnetite mine in Western Australia, free it from debt, and demerge its South Australian assets were overwhelmingly backed today.

Gindalbie demerger approved Gindalbie demerger approved Gindalbie demerger approved Gindalbie demerger approved Gindalbie demerger approved

Karara is being sold.

The scheme to sell the company to Ansteel was recommended by the independent directors, including chairman Keith Jones, and concluded to be fair and reasonable by the independent expert in the absence