14 Jan

NME 02 - Consent to Extension Request

M EDIA RELEASE 1 / 4 No: TP 2 2 / 0 7 Friday , 1 4 January 20 2 2 Nex Metals Explorations Ltd 0 2 – Consent to Ex tension R equest The Panel received a request from Nex Metals Explorations Ltd for an extension to lodge its Replacement Target’s Statement in relation to Metalicity L t d’s off - market scrip bid for Nex Metals pursuant to Order 3 of the Panel’s additional orders dated 17 December 2021 (see Annexure A ). The Panel has decided to consent to a one week extension which give s Nex Metals until Friday, 21 January 2022 to lodge it s Replacement Target’s Statement. The sitting Panel was Marin a Kelman, Michael Lishman and Karen Phin (sitting President). Allan Bulman Chief Executive, Takeovers Panel Level 16, 530 Collins Street Melbourne VIC 3000 Ph: +61 3 9655 35 00 takeovers@takeovers.gov.au 2 / 4 ANNEXURE A CORPORATIONS ACT SECTION 657D ORDERS NEX METALS EXPLORATIONS LTD 02 The Panel made a declaration of unacceptable circumstances and final orders on 30 November 2021. THE PANEL ORDERS 1. Nex Metals must provide the Panel, ASIC and Metalicity with a weekly update on the status and progress of its Replacemen t Target’s Statement by 5pm (Melbourne time) each Friday. 2. Nex Metals must provide the Panel, ASIC and Metalicity with a weekly update on the status and progress of the Nex Metals IER from each of: (a) Nex Metals and (b) the expert engaged by Nex Metals to produce the Nex Metals IER by 5pm (Melbourne time) each Friday. 3. If Nex Metals does not prepare and lodge with ASIC and ASX a Replacement Target’s Statement which complies with the Panel’s final o rders in Nex Metals Exploratio ns Ltd 02 dated 30 November 2021 by 1 4 J anuary 2022 (unless extended with the Panel’s consent) , Metalicity may: (a) engage an expert to produce an independent expert’s report providing an opinion for Nex Metals shareholders on whether the Bid is fair and reasonable ( Metalicity IER ) and (b) dispatch the Metalicity IER to Nex Metals shareholders . 4. Nex Metals must use its best endeavours to assist the independent expert engaged to produce the Metalicity IER with its inquiries, including : (a) by making available to the independent expert all informa tion reasonably requested by the independent expert and 3 / 4 (b) by making (on behalf of the independent expert) reasonable enquiries of Mr Ken Allen, Mr Thomas Percy QC and Mr Hock Hoo Chua regarding whether there may be any other information that should be made available to the independent expert and providing any such information to the independent expert . 5. Mr Ken Allen, Mr Thomas Percy QC and Mr Hock Hoo Chua must provide full and accurate answers to all questions directed to them by or on behalf of the independ ent expert e ngaged to produce the Metalicity IER . 6. The external costs of the Metalicity IER (including the fees and expenses of the independent expert and dispatch costs) are to be borne by Mr Ken Allen, Mr Thomas Percy QC and Mr Hock Hoo Chua jointly and s everally up to an amount of $50,000 and with the balance to be borne by Metalicity. 7. Mr Ken Allen, Mr Thomas Percy QC and Mr Hock Hoo Chua cannot be indemnified or reimbursed by Nex Metals for their costs borne under Order 6 of these orders. 8. Nex Metals mus t immediately advise the market of all of the following : (a) that its target’s statement lodged with ASIC on 29 October 2021 is misleading and contains material information deficiencies (b) that the supplementary target’s statement referred to in its ASX announcements dated 29 October 2021 and 8 November 2021 will not be lodged or issued by Nex Metals and (c) that it will lodge, and send each Nex Metals shareholder, a Replacement Target’s Statement , i n a form that ASIC does not object to , which is accompanied by an independent expert’s report opining on whether the Bid is fair and reasonable. 9. Until Nex Metals has lodge d with ASIC and ASX a Replacement Target’s Statement or the Metalicity IER is dispatched to Nex Metals shareholders (whichever is earlier), Nex Metals is not permitted to publish any further statements with respect to the Bid except for: (a) the statements required to be made pursuant to Order 8 of these orders (b) statements which indicate when the Replacement Target’s Statement and accompanying independent expert’s report will be available to Nex Metals shareholders and (c) pending the availability of the Replacement Target’s Statement and accompanying independent exp ert’s report , Nex Metals shareholders may be advised to take no action with respect to the Bid. 4 / 4 10. The parties to these proceedings and ASIC have the liberty to apply for further orders in relation to these orders. 11. In these orders, the following definitions a pply: Bid Metalicity’s off - market all scrip bid for all of the ordinary shares in Nex Metals, offering 4.81 Metalicity shares for every 1 Nex Metals share, the terms of which are set out in its bidder’s statement dated 24 September 2021 Metalicity Metalic ity Ltd Metalicity IER Has the meaning given in Order 3(a) Nex Metals Nex Metals Explorations Ltd Nex Metals IER The independent expert’s report to be commissioned by Nex Metals to accompany the Replacement Target’s Statement as required by the Panel’s final orders in Nex Metals Explorations Lt d 02 dated 30 November 2021 Replacement Target’s Statement Has the meaning given in Order 2 of the Panel’s final o rders in Nex Metals Explorations Lt d 02 dated 30 November 2021 Tania Mattei General Counsel with authority of Karen Phin President of the sitting Panel Dated 17 December 2021
Information on this Website is provided for general information purposes only and is not a substitute for professional advice. ASX Information (including company announcements and prices) is delayed by at least 20 minutes. JSE Information (including company announcements and prices) is delayed by at least 15 minutes. Reliance on the information you access on or from this Website is solely at your own risk. We make no representation or warranty in relation to the future performance of the companies that appear on this Website. Investment in securities involves risk and you should obtain independent professional legal, financial, investment or company advice before acting on any of the information you access on this Website. Using, browsing or otherwise accessing this Website is subject to our Terms and Conditions and our Privacy Policy.

© 2022 Listcorp. ABN 60 166 140 307

Never miss news from Metalicity Limited (ASX:MCT) when you join Listcorp.