Results of Second Court Hearing

BRISBANE, Australia, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Allkem Limited (ASX and TSX: AKE, “Allkem”) refers to the proposed merger of equals between Allkem and Livent Corporation (“Livent”), (“Transaction”).

Allkem is pleased to announce that the Federal Court of Australia (“Court”) has today made orders approving the proposed scheme of arrangement pursuant to which Arcadium Lithium plc (“Arcadium Lithium”) will acquire 100% of the shares in Allkem (“Scheme”) in connection with the Transaction.

Lodgement of Court Orders and Suspension of Trading

Allkem expects to lodge an office copy of the Court’s orders with the Australian Securities and Investments Commission tomorrow, 21 December 2023, at which time the Scheme will become legally effective.

If this occurs, Allkem expects that Allkem shares will be suspended from trading on ASX at the close of trading on 21 December 2023 (AEDT) and on TSX at 4:00 pm (Toronto time) on 21 December 2023. 

Quotation and trading of Scheme Consideration

Arcadium Lithium CDIs are expected to commence trading on ASX on a deferred settlement basis on 22 December 2023, and on a normal (T+2) settlement basis on 5 January 2024.¹

Arcadium Lithium shares are expected to commence trading on the New York Stock Exchange on 4 January 2023.

Scheme Timetable

The key remaining dates expected for the Transaction are set out below.

Event		Date / time
Election Date The latest time and date by which Election Forms (or Election Withdrawal Forms, if applicable) must be received by the Allkem Share Registry from: Eligible Principal Register Shareholders who wish to receive Arcadium Lithium Shares, rather than Arcadium Lithium CDIs, as Scheme Consideration; and Eligible Canadian Register Shareholders who wish to receive Arcadium Lithium CDIs, rather than Arcadium Lithium Shares, as Scheme Consideration.		Principal Register Shareholders: 5:00 pm (AEDT) on 20 December 2023 Canadian Register Shareholders: 5:00 pm (Toronto time) / 10:00 pm (UTC) on 20 December 2023
Arcadium Lithium admitted to the official list of ASX		21 December 2023
Effective Date		21 December 2023
Suspension of Allkem Shares from trading on ASX		Close of trading on 21 December 2023 (AEDT)
Suspension of Allkem Shares from trading on TSX		4:00 pm (Toronto time) / 9:00 pm (UTC) on 21 December 2023
Arcadium Lithium CDIs to commence trading on ASX on a deferred settlement basis		22 December 2023
Record Date for determining entitlements to receive Scheme Consideration		7:00 pm (AEDT) on 27 December 2023
Scheme Implementation Date		4 January 2024
US Merger Effective Time		4 January 2024 (New York time)
Last day of deferred settlement trading for Arcadium Lithium CDIs		4 January 2024
Arcadium Lithium Shares anticipated to commence trading on NYSE		9:30 am (New York time) on 4 January 2024
Despatch of holding statements for Arcadium Lithium CDIs		5 January 2024
Arcadium Lithium CDIs to commence trading on ASX on a normal settlement basis		10:00 am (AEDT) on 5 January 2024
Expected date for Allkem to be delisted from ASX		Close of trading on 5 January 2023 (AEDT)
Expected date for Allkem to be delisted from TSX		Close of trading on 5 January 2024 (Toronto time)
First settlement of deferred settlement and normal settlement trading of Arcadium Lithium CDIs		9 January 2024