Phoslock Environmental Technologies (ASX: $PET) EGM Announcement

Phoslock Environmental Technologies (ASX: $PET) will hold an extraordinary general meeting (EGM) on Thursday, 18 January 2024, to consider resolutions recommended by the Board regarding the proposed business sale, delisting from the ASX, and alternative resolutions for the Company's future. The Company has decided to sell assets and wind up the business, taking into account creditor obligations and aiming to provide the best prospects for a future return of capital to shareholders.

Executive Commentary

As foreshadowed in previous announcements, the decision to sell assets and wind up the business was made after thorough exploration of potential opportunities and careful consideration of the Company's financial position. The proposed sale of assets and delisting from the ASX are seen as the most viable options to realize value from the Company's remaining inventory and intellectual property, while also addressing creditor obligations. The EGM will provide an opportunity for shareholders to consider and vote on the proposed resolutions, including alternative options for the Company's future.

Summary of Phoslock Environmental Technologies (ASX: $PET) Announcement

Phoslock Environmental Technologies (ASX: $PET) has announced an extraordinary general meeting to discuss the proposed business sale, delisting from the ASX, and alternative resolutions for the Company's future. The decision to sell assets and wind up the business aims to address creditor obligations and provide the best prospects for a future return of capital to shareholders. The proposed sale agreement with SePRO Corporation, the delisting from the ASX, and the review by the European Chemicals Agency (ECHA) of the REACH authorisation for products containing lanthanum chloride anhydrous are key highlights of the announcement. Shareholders are encouraged to attend the EGM to consider and vote on the resolutions, which will shape the future direction of Phoslock Environmental Technologies.