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Removed from the Official List following the merger between the Company and Ashanti Goldfields Company Limited by way of Scheme of Arrangement


we are uncertain of some of the terms of the merger and would appreciate details to from anyone who has that knowledge - we believe Ashanti was to make cash payments over a five year period to GSM shareholders and debenture holders totalling US$37.5 million in five equal annual amounts of US$7.5 million commencing on 31 March 1998 - for GSM shareholders that translated to an annual payment of approximately A$0.036 per GSM share (at then current exchange rates of US$0.79/A$1.00), and approximately A$0.182 per GSM share in total - for GSM debenture holders this translates to an annual payment of approximately US$40 per GSM debenture of US$1,000 and approximately US$200 per GSM debenture in total - option holders were not participating in the deferred payments


we understand the schemes of arrangement and the reduction of capital with respect to the merger took effect on or about 21 October 1996 and GSM's ordinary shares and debentures ceased trading prior to the commencement of trading the following day - closing time for determining entitlements to the Ashanti consideration was 10.00 pm on or about 30 October 1996 and the despatch of the Ashanti consideration to holders of GSM Shares, Debentures and Options was effected on or about 4 November 1996


name changed from Westate Industries Limited

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