Lonestar Resources Ltd. (ASX: LNR, OTCQX: LNREF) held a shareholders meeting in Australia to vote on the company's schemes of arrangement, the process in Australia required by law to effect transaction which results in the movement in domicile to the US.
Lonestar says that all resolutions put to security holders at the scheme meetings held on March 10 were passed with the required majority, with 99.52% of the votes cast by Lonestar common shareholders voting in favor of the resolutions that the company requires to execute its plan move its domicile and share listing to the US.
Lonestar's CEO, Frank D, Bracken III, commented, "I am pleased that security holders have resoundingly endorsed the plan to re-domicile the company to the US and list on NASDAQ. This is a logical progression for Lonestar, given that 100% of its assets and operational management are located in the US. Re-domiciling in the US and listing on NASDAQ better aligns Lonestar's corporate structure with its assets and management, and, over the medium term, it should reduce the group's cost of capital."
Lonestar will now proceed to implement the schemes, which remain subject to final Australian court approval and based on court schedules, it is anticipated that the second court hearing will be held on March 31. The company will advise the definitive revised date for the second court hearing once it has been set down by the court.
Assuming that a second court hearing date occurs on March 31, and that the court grants orders approving the schemes, it is anticipated that trading in Lonestar shares on the ASX will cease at the close of business on March 31, and that the scheme implementation date will be on April 7. An updated timetable will be provided to security holders on the ASX platform, once the dates become definitive.