London Metal Exchange Shareholders Vote in Favour of Acquisition by HKEx
Following the meeting, HKEx Chief Executive Charles Li and LME Holdings and LME Chief Executive Martin Abbott made statements regarding the vote.
Charles Li said: “I’d like to thank the shareholders of the LME for their support in welcoming this acquisition. Our shared vision for global leadership in the commodities market will allow us to respectfully build on the proud heritage of this unique institution. HKEx’s ability to help the LME grow its business in Asia and beyond provides significant opportunities for both parties and will deliver value for all of our stakeholders.”
Martin Abbott said: “I am delighted that our shareholders have overwhelmingly supported the board’s recommendation. The deal with HKEx, Asia’s leading exchange, will secure the LME’s position as the world’s foremost metals trading venue.”
The hearing of the petition to the Court to sanction the Scheme and to confirm the related capital reduction is expected to take place as soon as reasonably practicable after the Financial Services Authority of the United Kingdom has approved (or is deemed to have approved) HKEx Investment, HKEx International Limited and HKEx acquiring control over the LME.
As the proposed Acquisition remains subject to the satisfaction of the Regulatory Condition and the Scheme Conditions, there can be no certainty that such conditions will be satisfied. If such conditions are satisfied, the Scheme is expected to become effective and the Acquisition will complete in the fourth quarter of 2012. If the Scheme has not become unconditional and effective by the Longstop Date, the Scheme will lapse and the Framework Agreement may be terminated, in which case the Acquisition will not proceed.