Lonestar Resources Gains Shareholder Approval To Re-Domicile In The United States

10 Mar, 2016, 12:22 ET from Lonestar Resources Ltd

FORT WORTH, Texas, March 10, 2016 /PRNewswire/ -- Lonestar Resources Ltd (ASX:LNR, OTCQX:LNREF) held a shareholders meeting in Australia to vote on the Company's Schemes of Arrangement, the process in Australia required by law to effect transaction which results in the movement in domicile to the United States.  Lonestar is pleased to announce that all resolutions put to security holders at the Scheme Meetings held on 10 March 2016, were passed with the required majority.  In fact, 99.52% of the votes cast by Lonestar common shareholders voted 'For' the resolutions which the Company requires to execute its plan move its domicile and share listing to the United States.

Lonestar's Chief Executive Officer, Mr. Frank D, Bracken, III, commented, "I am pleased that Security Holders have resoundingly endorsed the plan to re-domicile the Company to the United States and list on NASDAQ.  This is a logical progression for Lonestar, given that 100% of its assets and operational management are located in the U.S.  Re-domiciling in the US and listing on NASDAQ better aligns Lonestar's corporate structure with its assets and management and over the medium-term it should reduce the group's cost of capital."

The Company will now proceed to implement the Schemes, which remain subject to final Australian Court approval and based on Court schedules, it is anticipated that the second Court hearing will be held on or about 31 March 2016.  The Company will advise the definitive revised date for the second Court hearing once it has been set down by the Court. 

Assuming a second court hearing date of 31 March, and that the Court grants orders approving the Schemes, it is anticipated that trading in Lonestar shares on the ASX will cease at the close of business on about 31 March 2016, and that the scheme implementation date will be on or about 7 April, 2016.  An updated timetable will be provided to Security Holders on the ASX platform, once the dates become definitive.      

 

SOURCE Lonestar Resources Ltd