Shareholders of Golden Energy and Resources (GEAR) have voted in favour of delisting the company and undertake a distribution in-specie of Gear's 62.5% stake in Indonesia-listed Golden Energy Mines (GEMS) to shareholders.
At an extraordinary general meeting (EGM) on June 9, the resolution to delist was passed with 99.89% approval, while the resolution to distribute GEMS shares was passed with 99.91% approval.
The offeror and parties acting in concert with it, including PT Dian Swastatika Sentosa Tbk (DSS), abstained from voting on both resolutions. DSS holds 2,044,145,469 shares, or 77.49% direct interest in the company.
GEAR says shareholders should note that approving the delisting resolution at the EGM does not automatically mean that the exit offer has been accepted by them.
The exit and distribution offer will be heard in court at 10am on June 13.
