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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.
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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