Overview of ASX announcement

Energy Resources of Australia Ltd (ASX:ERA) has received a decision from the Takeovers Panel regarding its non-underwritten pro-rata renounceable offer of new fully paid ERA ordinary shares to raise up to approximately $880 million. The Takeovers Panel has declined to conduct proceedings in relation to the application made by two ERA shareholders, Zentree Investments Limited and Packer & Co Ltd, regarding the Entitlement Offer. ERA now plans to proceed with the Entitlement Offer and will provide an update on the revised timetable for the offer.

Executive commentary

ERA is pleased with the Takeovers Panel's decision to decline to conduct proceedings in relation to the application made by the two shareholders regarding the Entitlement Offer. We are committed to proceeding with the Entitlement Offer as soon as possible and will keep our shareholders informed with a further update on the revised timetable for the offer. The company's liquidity position has been previously announced, and we will continue to manage it effectively as we move forward with our plans.

Summary of ASX announcement

Energy Resources of Australia Ltd (ERA) has received confirmation that the Takeovers Panel has declined to conduct proceedings in relation to the application made by two ERA shareholders regarding the Entitlement Offer. ERA now intends to proceed with the Entitlement Offer and will provide a further update regarding the revised timetable for the offer. The company's liquidity position has been disclosed, indicating a decrease in available cash. ERA, after the closure of the Ranger Mine in 2021, is committed to achieving sustainable rehabilitation of former mine assets and creating a positive legacy. The company holds the Ranger Project Area and the Jabiluka Mineral Lease, and is focused on responsible operations in Australia's Northern Territory.