Swick Mining Services Limited announced the spin-off of drilling and mineral technology businesses.
Jason Marinko has resigned from the recently created Managing Director role. Kent Swick, Managing Director of Swick Mining, will lead Orexplore as it works towards the demerger. Swick appoints Brett Giroud as Managing Director of Orexplore Technologies Limited. The transaction is subject to Orexplore obtaining a conditional admission etter from ASX on terms satisfactory to the Directors, acting reasonably, which, once satisfied, will result in ASX admitting Orexplore to the Official List. Meeting of shareholders of Swick Mining Services to vote on the demerger is on December 22, 2021. The Board of Swick Mining Services unanimously recommended the shareholders to support the demerger and vote in its favour. As of December 22, 2021, shareholders of Swick approved the transaction. On February 5, 2021, Swick Mining Services Limited agreed that the demerger will be postponed until the 2022 financial year. On June 21, 2021, Swick announced that it would complete the transaction by end of calendar year 2021. As of November 22, 2021, the in-specie distribution will be completed on January 7, 2022. As of January 22, 2022, Orexplore has commenced trading on Australian Stock Exchange. Deloitte Corporate Finance acted as the independent valuer. Automic Pty Ltd acted as the share transfer agent and Shaw and Partners Limited acted as the financial advisor to Swick Mining Services Limited.