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Binding Scheme Implementation Deed with Huayou
Atlantic Lithium Limited has entered into a binding Scheme Implementation Deed with Zhejiang Huayou Cobalt Co., Limited, proposing an acquisition for cash consideration of US$0.25486 per share, valuing Atlantic Lithium at approximately US$210 million, which represents a 26.6% premium to its last close. The Board of Atlantic Lithium unanimously recommends shareholders vote in favour of the scheme, which is supported by its largest shareholder, Assore, holding approximately 26.4%. The transaction is subject to shareholder and regulatory approvals, with implementation expected in December 2026. Disclaimer*
About this update from Atlantic Lithium Limited.
7 May 2026 Atlantic Lithium Enters into a Binding Scheme Implementation Deed with Zhejiang Huayou Cobalt Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, "Atlantic Lithium" or the "Company"), the Africa-focused lithium exploration and development company, is pleased to announce it has entered into a binding Scheme Implementation Deed ("SID") with Zhejiang Huayou Cobalt Co., Limited ("Huayou"), under which it is proposed that Huayou will acquire all of the issued shares in Atlantic Lithium by way of an Australian scheme of arrangement for cash consideration of US$0.25486 per share (A$0.354 per share / £0.188 per share)1 ("Scheme Consideration") (the "Scheme" or "Transaction"). Transaction Highlights - The all-cash Scheme Consideration values Atlantic Lithium at approximately US$210 million2 (approximately A$292 million and £155 million) and represents a 26.6% premium3 to Atlantic Lithium's last close of A$0.280 per share4 and a 21.8% premium3 to Atlantic Lithium's 30-day volume weighted average price ("VWAP") of A$0.291 (£0.154) per share5. - Transaction with a leading participant in the new energy materials industry validates the Company's flagship Ewoyaa Lithium Project (the "Project") and the potential of its exploration tenure within Ghana and Côte d'Ivoire. - The Board of Atlantic Lithium has determined that the Scheme provides Atlantic Lithium shareholders with the most attractive, certain, and accelerated realisation of value on a risk-adjusted basis versus other strategic alternatives. - Atlantic Lithium's Directors unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Atlantic Lithium shareholders6. - Subject to the qualifications noted above, the Atlantic Lithium Directors intend to vote, or cause to be voted, all Atlantic Lithium shares in which they have a relevant interest at the time of the Scheme Meeting in favour of the Scheme, which as at the date of this announcement represents approximately 1.8% of the Company's issued shares 6,7. - ...
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