LPI enters into binding scheme implementation deed with Codelco for all-cash A$0.57 per LPI share acquisition

Highlights:

• LPI has entered into a binding scheme implementation deed with Codelco under which Codelco will acquire 100% of the share capital of LPI by way of a scheme of arrangement.
• Under the terms of the Scheme, LPI shareholders will receive A$0.57 in cash per LPI share.
• The consideration payable under the Scheme implies a fully diluted equity value for LPI of ~A$385 million1 and represents a significant premium of:
  • 119% to the undisturbed closing share price of A$0.26 per LPI share on 26 September 2023, being the Undisturbed Date; and
  • 136% to the undisturbed 30-day VWAP of A$0.242 per LPI share up to and including the Undisturbed Date.
• The LPI Board unanimously recommends that LPI shareholders vote in favour of the Scheme, in the absence of a superior proposal (as defined in the SID) and subject to the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of LPI shareholders.
• LPI’s major shareholder, Minera Salar Blanco SpA, intends to vote its 28.25% shareholding in LPI in favour of the Scheme, 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 LPI shareholders. All members of the LPI Board also intend to vote their LPI shares in favour of the Scheme, subject to the same qualifications.