Details of the scheme of arrangement delay

Brightstar Resources Ltd (ASX:BTR) and Alto Metals Limited (ASX:AME) have announced a delay in the implementation of the proposed scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth). This delay is due to the need to accommodate the preparation of audited and pro forma financial accounts, and address information requirements for the preparation of the independent expert's report. The regulator's draft of the explanatory statement relating to the Scheme (Scheme Booklet) was lodged by Alto with ASIC on 26 September 2024 and, subject to ASIC and Court approval, is expected to be dispatched to all Alto shareholders on or around 18 October 2024.

Executive commentary on the scheme of arrangement delay

The delay in the implementation of the scheme of arrangement is necessary to ensure the accurate preparation of audited and pro forma financial accounts, as well as to address the information requirements for the independent expert's report. We are working diligently to finalize the necessary documentation and obtain the required approvals to proceed with the scheme. We appreciate the understanding and patience of our shareholders as we navigate through this process.

Summary of the scheme of arrangement update

Brightstar Resources Ltd (ASX:BTR) and Alto Metals Limited (ASX:AME) have provided an update on the scheme of arrangement, indicating a delay in its implementation to accommodate the preparation of audited and pro forma financial accounts, and address information requirements for the independent expert's report. The Scheme Booklet is expected to be dispatched to all Alto shareholders on or around 18 October 2024, subject to ASIC and Court approval. The companies' forward-looking statements caution against placing undue reliance on the anticipated timing of the scheme, emphasizing the potential impact of various risks, uncertainties, and factors outside their control. Shareholders are advised to stay informed as the situation develops.