Energy Resources of Australia (ASX:ERA) Entitlement Offer Update

Energy Resources of Australia Ltd (ASX:ERA) has responded to potential Takeovers Panel proceedings initiated by Zentree Investments Limited and Packer & Co Limited. The company's Independent Board Committee (IBC) has received a letter indicating the preparation of a Takeovers Panel application seeking a declaration of unacceptable circumstances in respect of the Entitlement Offer and requesting interim and final orders. In response, the IBC has requested ASX to defer the Entitlement Offer timetable by five trading days to minimize disruption.

Executive Commentary

The IBC does not agree that unacceptable circumstances exist in relation to the Entitlement Offer. However, in the interests of minimizing disruption to the Entitlement Offer, the IBC has requested ASX to defer the Entitlement Offer timetable by five trading days. This decision aims to ensure the smooth progress of the Entitlement Offer process while addressing the concerns raised. ERA anticipates that the Takeovers Panel will issue a media release in relation to the application and will keep shareholders updated in relation to any material developments.

Summary

Energy Resources of Australia Ltd (ASX:ERA) has responded to potential Takeovers Panel proceedings initiated by Zentree Investments Limited and Packer & Co Limited regarding the Entitlement Offer. The company's IBC has requested ASX to defer the Entitlement Offer timetable by five trading days to minimize disruption. ERA remains committed to creating a positive legacy and achieving world-class, sustainable rehabilitation of former mine assets. Shareholders will be kept informed of any material developments related to the potential Takeovers Panel proceedings.