Lymex Tenements Pty Ltd signed a binding heads of agreement to acquire BKM Management Ltd. from a group of shareholders in a reverse merger transaction.
After completion, John Lynch, Managing Director of Lynch Limited, parent of Lymex Tenements will become Managing Director of the renamed Oakdale Resources Limited. Rob Clifton-Steel and Graham White will subject to the proposed transaction securing all the necessary approvals, join the Board of BKM. Phillip Hains will resign as a Director of BKM Management but remain as Company Secretary and Evan McGregor and Alvin Tan will remain on the Board. The transaction is subject to BKM completing due diligence to its satisfaction within 30 days of entering into the heads of agreement, approval by the shareholders of BKM Management and ASX approval. The BKM shareholder meeting will occur in late April / early May 2013. The transaction has been unanimously recommended by the Board of BKM to vote in favor of the transaction. BKM Management expects its securities will be suspended from trading from the date of the meeting of shareholders and will remain in suspension until it satisfies the requirements of Chapters 1 and 2 of the ASX Listing Rules. As on April 18, 2013, BKM Management completed the due diligence investigation.
As on June 28, 2013, Lymex Tenements Pty Ltd reached an agreement to acquire BKM Management Ltd. (ASX:BKM) in a reverse merger transaction. The notice of meeting for shareholders of BKM Management to seek approval for transaction is being completed. The general meeting of the shareholders of BKM Management will seek for the approval of transaction, consolidation of capital on a 67:1 basis, issue and allotment of 25 million shares and 12.5 million options, issue and allotment of an up to an additional 15 million shares to shareholders of Lymex, raising of capital by BKM Management, appointment of three new Directors to the Board of BKM Management and change of name of BKM Management to Oakdale Resources Limited. The offer will open on August 23, 2013 and will close on September 20, 2013. The shareholders meeting of BKM Management will be held on September 5, 2013. Patersons Securities Limited acted as financial advisor for BKM Management. Hall Chadwick Corporate (NSW) Limited acted as fairness opinion advisor for BKM. Hall Chadwick will receive a fee of AUD 0.02 million.