OreCorp Limited terminates Scheme Implementation Deed and enters into Bid Implementation Deed

OreCorp Limited (ASX:$ORR) has announced the termination of the Scheme Implementation Deed with Silvercorp Metals Inc. and the entry into a Bid Implementation Deed with Silvercorp. Silvercorp has offered to acquire all OreCorp Shares not already owned by Silvercorp through an off-market takeover offer. The offer includes a cash and scrip consideration with an implied value of A$0.589 per OreCorp Share, representing a premium to OreCorp's unaffected and 20-day VWAP. The OreCorp Board unanimously recommends shareholders to accept the Silvercorp Offer. The Bid Implementation Deed includes market standard deal protection measures and conditions. The Silvercorp Offer is expected to open for acceptance from 3 January 2024.

Executive Commentary on Termination of Scheme Implementation Deed and Entry into Bid Implementation Deed

The termination of the Scheme Implementation Deed and the entry into the Bid Implementation Deed with Silvercorp marks a significant step for OreCorp. The Silvercorp Offer, with its premium to OreCorp's VWAP, reflects the confidence in the potential acquisition. The Board's unanimous recommendation to accept the offer underscores the strategic value it holds for OreCorp and its shareholders. The Bid Implementation Deed's inclusion of market standard deal protection measures and conditions demonstrates the commitment to ensuring a fair and transparent process for all stakeholders involved.

Summary of OreCorp's Termination of Scheme Implementation Deed and Entry into Bid Implementation Deed

OreCorp Limited (ASX:ORR) has terminated the Scheme Implementation Deed with Silvercorp Metals Inc. and entered into a Bid Implementation Deed with Silvercorp, paving the way for a potential off-market takeover offer. The Silvercorp Offer, with a premium to OreCorp's VWAP, has garnered unanimous support from the OreCorp Board. The announcement outlines the key terms of the Bid Implementation Deed, providing shareholders with insights into the proposed transaction. The Offer's expected opening for acceptance from 3 January 2024 sets the stage for the next phase of developments in OreCorp's corporate strategy and potential acquisition by Silvercorp.