Tamboran proposes move to the US

PERTH (miningweekly.com) – Natural gas developer Tamboran Resources has announced its intention to re-domicile the company and its subsidiaries from Australia to the US, by way of a proposed scheme of arrangement.

All ordinary shares in the company will be transferred to a newly formed corporation in Delaware, with the US-based holding company to become the new parent company of the Tamboran Group, retaining the company’s ASX listing via chess depositary interests (CDI).

Tamboran will de-list from the ASX and will become a wholly owned subsidiary of the US holding company, with shareholders to receive one CDI in the holding company for each Tamboran share held, with shareholders retaining an equivalent proportional economic interest in the US holding company, subject to the sale facility aspect of the scheme dealing with the interest of ineligible foreign shareholders.

Tamboran told shareholders that the operations, management and strategy of the group would remain unchanged.

The company told shareholders on Thursday that the re-domicile to the US would best position Tamboran for its next phase of growth as the company sought to accelerate the commercialisation of its Beetaloo sub-basin assets, better positioning the company in a deeper capital market and providing access to a broader US investor pool which is more familiar with shale developments.

The move will also allow the company access to lower-cost US debt and equity capital markets, which are larger and more diverse than those in Australia, and will simplify the group’s corporate structure for potential future merger, sale or acquisition transactions.

Tamboran’s board has urged shareholders to vote in favour of the scheme, subject to an independent expert concluding that it is in the best interest of shareholders, and that no superior proposal emerges.