Scheme of Arrangement Becomes Effective

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 it has today lodged with the Australian Securities and Investments Commission a copy of the orders of the Federal Court of Australia (“Orders”) approving the scheme of arrangement pursuant to which Arcadium Lithium plc (“Arcadium Lithium”) will acquire 100% of the shares in Allkem (“Scheme”) in connection with Transaction.

As a result, the Scheme is now legally effective.

Suspension of trading

It is expected that Allkem shares will be suspended from trading:

• on ASX, at the close of trading (AEDT) today (21 December 2023); and
• on TSX, at 4:00 pm (Toronto time) on 21 December 2023.

Eligibility to receive Scheme Consideration

On implementation of the Scheme, Allkem shareholders (other than ineligible overseas shareholders) who are registered as such on the Scheme Record Date (being 7:00 pm (AEDT) on 27 December 2023) will receive:

• in the case of Allkem principal register shareholders, one Arcadium Lithium CDI for each Allkem Share held, unless they have validly elected to receive Arcadium Lithium shares instead; and
• in the case of Allkem Canadian branch register shareholders, one Arcadium Lithium share for each Allkem Share held, unless they validly have elected to receive Arcadium Lithium CDIs instead.

Ineligible overseas shareholders will not receive Arcadium Lithium Shares or Arcadium Lithium CDIs under the Scheme, and will instead receive their share of the net proceeds from the sale of Arcadium Lithium CDIs by the Sale Nominee. Ineligible overseas shareholders should refer to section 3.4 of the Scheme Booklet for further information.

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.

Arcadium Lithium shares are expected to commence trading on the New York Stock Exchange (“NYSE”) on 4 January 2024 (New York time).

Allkem Shareholders who sell Arcadium Lithium CDIs before they receive their holding statements or confirm their holdings of Arcadium Lithium CDIs do so at their own risk.¹ Neither Allkem nor Arcadium Lithium takes any responsibility for such trading.