Andean Resources Ltd.

Andean Resources Ltd.

December 07, 2010 21:21 ET

Court Approval of Andean Resources Scheme of Arrangement and Appointment of Director

SALT LAKE CITY, UTAH--(Marketwire - Dec. 7, 2010) - Andean Resources Limited (Andean) (TSX:AND)(ASX:AND) is pleased to announce that today, the Federal Court of Australia (Court) made orders pursuant to section 411(4)(b) of the Corporations Act approving the scheme of arrangement (Scheme) between Andean and its shareholders. The Scheme was approved by Andean shareholders at the Scheme Meeting held on 3 December 2010. 

A copy of the order made by the Court has been lodged with ASIC and the Scheme is now effective. 

The timetable for implementing the Scheme is set out in the Scheme Booklet sent to shareholders on 29 October 2010. The key dates include:

  • 9 December 2010 – Andean shares will be suspended from trading on ASX;

  • 9 December 2010 Toronto time – Andean shares will be suspended from trading on TSX;

  • 16 December 2010 – the record date for determining entitlements under the Scheme; and

  • 30 December 2010 – the Scheme will be implemented and the consideration payable under the Scheme will be dispatched to Andean shareholders.

The suspension of Andean shares on the ASX will continue until implementation of the Scheme has been completed, currently expected to be 30 December 2010. Andean shares will be removed from the official list of ASX on the implementation of the Scheme. De-listing from the TSX is expected to occur at the close of trading on 9 December 2010.

Please refer to the Scheme Booklet for full details of the timetable.

Stuart James Gardiner has been appointed to the board of Andean as Goldcorp Inc's nominee and Ian Hume has resigned as director of Andean, with effect from today.

A.B.N. 66 064 494 319

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