Emmerson Resources (ERM AU): 15th June Vote On Pan African's Scheme

• Back on the 9th March 2026, gold miner Emmerson Resources (ERM AU) entered into a Scheme with dual-listed Pan African Resources (PAF LN) (PAR), consolidating their Tenant Creek joint venture.

• PAR offered 0.1493 new PAR shares for each Emmerson share, or a A$0.45/share indicative Offer price, a 36.4% premium to last close. ~31% of Emmerson’s shareholders are now supportive.

• The Scheme Booklet is now out, with a Scheme Meeting on the15th June, and expected “implementation” on the 2nd July 2026. The IE (BDO) says “fair & reasonable“.

Emmerson is illiquid - look away now if that is not your bag.

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The Trade:

• Another clean gold merger.

• Trading at a gross/annualised spread of 1.1%/8%, indicative of the cross border nature of the transaction, and Emmerson’s illiquidity.

• You could look to take down borrow in PAR. But depending on your gold tilt, you might just want to be long Emmerson. Or PAR . Or both.