Base Resources merger clears Australian regulatory hurdle

The AIM-traded company said it received confirmation from the Australian Foreign Investment Review Board (FIRB) that the Australian government had no objections to the planned scheme of arrangement.

That satisfied a key regulatory condition under the Foreign Acquisitions and Takeovers Act.

With FIRB approval secured, the merger now only needed approval from the Malagasy Competition Council, which was still under review.

Other remaining conditions included approval by Base Resources' shareholders at a meeting scheduled for 5 September, and final approval from the Federal Court of Australia.

At 1036 BST, shares in Base Resources were up 6.17% at 12.48p.

Reporting by Josh White for Sharecast.com.