On 1 November 2024, the Magontec Limited (ASX: MGL) announced a Memorandum of Settlement (MoS) with Qinghai Salt Lake Magnesium Co Ltd (QSLM) to resolve pending issues. The agreement involves the buyback and cancellation of 22.68 million shares of Magontec Limited currently held by QSLM, which account for 28.48% of the company’s total shares. The MoS was subject to approval from QSLM's creditors and the Xining court overseeing QSLM’s restructuring. On 6 November, the creditors approved the restructuring proposal, followed by the court's approval on 11 November.
The Company now intends to seek shareholder approval at an Extraordinary General Meeting (EGM), as required by ASX Listing Rule 10.1, to finalize the buyback and cancellation. QSLM currently stands as Magontec’s largest shareholder. The schedule for the EGM will be shared in due course. This update was provided by CEO Nicholas Andrews and Company Secretary Dean Taylor.
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