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Alumina (AWC) investor relations material

Alumina Scheme Meeting 2024 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Scheme Meeting 2024 summary18 Jul, 2024

Transaction overview

  • Alcoa will acquire 100% of Alumina via a scheme of arrangement, with Alumina shareholders receiving 0.02854 Alcoa shares (ASX-listed CDIs) per Alumina share, except for certain exceptions such as ineligible foreign holders and CITIC.

  • Alumina shareholders will own 31.6% and Alcoa shareholders 68.4% of the combined group post-transaction.

  • The implied value per Alumina share is A$1.64, a 61% premium to the undisturbed price as of 23 February 2024.

  • The transaction followed months of negotiation, resulting in improved terms for Alumina holders.

  • The Board unanimously recommends the scheme, with Citic and its nominee now supporting the proposal.

Rationale and independent assessment

  • The Board considered strategic, financial, and risk factors, including business values, trading prices, and future standalone risks.

  • The Independent Expert concluded the scheme is fair and reasonable, with the scheme consideration exceeding the assessed value of Alumina shares.

  • Grant Samuel & Associates valued Alumina at US$0.82–0.98 per share, with the scheme consideration at US$0.94–1.06 per share.

  • No superior proposal has emerged or is expected.

  • The scheme is not subject to financing or due diligence; key outstanding conditions are shareholder and court approval.

Shareholder meeting and voting process

  • The scheme meeting was conducted in a hybrid format, allowing in-person and online participation, voting, and Q&A.

  • Proxies representing about 53% of shares were received in advance, with a retail campaign to maximize participation.

  • For the scheme to proceed, more than 50% of shareholders present and at least 75% of votes cast must be in favor.

  • Proxy votes received included 1,528,529,207 in favor, 4,504,951 undirected, and 4,766,351 against.

  • The meeting was chaired by Peter Day, with all directors and key management introduced.

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Frequently asked questions

Alumina Limited is an Australian resource company with interests in bauxite mining, alumina refining, and aluminum production. It holds its operations through a joint venture with Alcoa and focuses on supplying raw materials for the global aluminum industry. Alumina Limited is headquartered in Melbourne, Australia, and its shares are listed on the ASX.

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