Armour Energy Limited: Progress on Acquisition Proposal and Secured Note

Armour Energy Limited (ASX: AJQ) has issued an update on the non-binding proposal from Shunkang Holding Group to potentially acquire the company's entire diluted share capital. Although discussions are ongoing, no final agreement has been reached between Armour and Shunkang. The proposed change of control transaction is planned to take the form of a Scheme of Arrangement and includes key terms such as Shunkang acquiring all issued ordinary shares of Armour for cash, addressing outstanding Secured Amortising Notes, and managing outstanding Armour convertible notes. Moreover, Armour is in discussions with Shunkang regarding working capital funding to support the scheme process. Both parties have now moved into a due diligence phase to work toward a consensus on critical transaction terms and structure.

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