As per the proposed share scheme, Impact will offer five IPT shares for every four IVG issued shares, acquiring 28,962,680 Invictus shares being the number of shares it does not already own or control and issuing approximately 36,203,350 new Impact shares.
In addition, Invictus has also proposed the cancellation of all of the listed Invictus options on issue by separate scheme of arrangement, option scheme, under which eligible Invictus option-holders will receive one new listed Impact option for every one listed Invictus option held at an exercise price of 20 cents.
Impact currently owns the largest stake in the company with a shareholding interest of 73.99%.
The merger of Impact and Invictus is expected to form a simpler corporate and asset ownership structure for Impact alongside providing Invictus shareholders with a broader asset base, better access to capital and share market liquidity, the company said.
