Wednesday, June 13, 2012 6:00:58 PM
EXXAY STAMFORD, Conn., June 13, 2012 /PRNewswire via COMTEX/ -- Tronox Incorporated (TROX.PK) announced today that all outstanding shares of its common stock will be converted into Class A Shares in Tronox Limited and $12.50 per share in cash at the close of its pending acquisition of the mineral sands business of Exxaro Resources Limited.
As announced on June 8, the period during which stockholders may elect to receive exchangeable shares of Tronox Incorporated in the transaction expired at 5:00 p.m., New York City time, on June 12, 2012. Based on results of the election, holders of less than 5% of the aggregate number of shares of Tronox common stock outstanding as of April 30, 2012, the record date for the special meeting of stockholders held on May 30, 2012, elected to receive exchangeable shares in the transaction. In accordance with the terms of the transaction agreement, since the number of Tronox shares subject to exchangeable share election is below the minimum threshold required for issuing exchangeable shares, all outstanding shares of Tronox common stock (other than shares held by holders who properly exercise their dissenters' rights under Delaware law) will be converted into one Class A Share and $12.50 in cash per share upon the closing of the transaction.
As announced previously, the transaction is scheduled to close on Friday, June 15, 2012. The company plans to list the Class A Shares on the New York Stock Exchange on June 18, 2012 under the ticker symbol TROX.
As announced on June 8, the period during which stockholders may elect to receive exchangeable shares of Tronox Incorporated in the transaction expired at 5:00 p.m., New York City time, on June 12, 2012. Based on results of the election, holders of less than 5% of the aggregate number of shares of Tronox common stock outstanding as of April 30, 2012, the record date for the special meeting of stockholders held on May 30, 2012, elected to receive exchangeable shares in the transaction. In accordance with the terms of the transaction agreement, since the number of Tronox shares subject to exchangeable share election is below the minimum threshold required for issuing exchangeable shares, all outstanding shares of Tronox common stock (other than shares held by holders who properly exercise their dissenters' rights under Delaware law) will be converted into one Class A Share and $12.50 in cash per share upon the closing of the transaction.
As announced previously, the transaction is scheduled to close on Friday, June 15, 2012. The company plans to list the Class A Shares on the New York Stock Exchange on June 18, 2012 under the ticker symbol TROX.
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