PT. Indika Energy Tbk (IDX:INDY) agreed to acquire71.5% stake in Nusantara Resources Limited (ASX:NUS) from Federation Mining Pty Ltd, Lion Selection Pty Ltd, Cumulus Wealth PTY Ltd and others for AUD 58 million on June 28, 2021. Cash offer price of AUD 0.35 per share which represents a 19% premium to the 5 day volume weighted average price of Nusantara. The Offer consideration of AUD 0.35 per share values Nusantara at approximately AUD 80 million on a 100% basis. Lion holds 49,904,775 Nusantara shares and has signed a Voting Intention Statement in support of the Scheme of Arrangement and The Voting Intention Statement confirms Lion intends to vote in favour of the Scheme: in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Nusantara shareholders. Major shareholders of NUS (representing 26.7% of issued capital), including Lion Selection (21.77%) and Cumulus Wealth (4.96%), have confirmed to NUS their intention to vote in favour of the transaction in the absence of a superior proposal and subject to the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of shareholders. As on August 17, 2021, Federation Mining Pty Ltd, holding approximately 12.3% of the total number of issued NUS shares, has confirmed to NUS its intention to vote in favour of the Scheme in the absence of a superior proposal and subject to the independent expert concluding that the Scheme is in the best interests of shareholders.

The acquisition will be implemented by way of Scheme of Arrangement under the Australian Corporations Act 2001. The Scheme is subject to approval of Nusantara shareholders at a general meeting. Nusantara's Independent Board Committee, comprising Greg Foulis, Rob Hogarth, Robin Widdup and Neil Whitaker, unanimously recommends that all Nusantara shareholders vote in favour of the Scheme, subject to an independent expert report concluding that the transaction is in the best interests of all shareholders and in the absence of a superior proposal. The Scheme is subject to approval by NUS shareholders at a general meeting expected to be held in mid to late September 2021. The transaction is subject to Court approval. On and from the date of this deed, Nusantara Resources and PT. Indika Energy Tbk agree to establish a committee. As of August 20, 2021, the Supreme Court of Western Australia (Court) has made orders approving the convening of a meeting of NUS shareholders to consider and vote on the Scheme. The shareholder meeting will be held on September 22, 2021. The second court hearing will be held on September 24, 2021. As on September 22, 2021, the transaction was approved by Nusantara's shareholders. As of September 24, 2021, Supreme Court of Western Australia approved the transaction.

The transaction is expected to be held in mid to late September 2021. transaction is expected to complete on October 6, 2021. Taylor Collison Limited acted as financial advisor and Gilbert and Tobin acted as legal advisor to Nusantara Resources. Grant Thornton Corporate Finance Pty Limited acted as independent expert to Nusantara Resources Limited.