FireFly completes in-specie distribution of Bellavista shares to shareholders

FireFly Metals ( (AU:FFM) ) has shared an announcement.

FireFly Metals has completed a pro-rata in-specie distribution of 60 million Bellavista Resources shares to eligible shareholders, following the sale of its Pickle Crow and Sioux Lookout projects in Ontario. Eligible investors receive roughly one Bellavista share for every 12.8 FireFly shares held, while ineligible holders will receive cash proceeds from a sale of their entitlement managed by Canaccord Genuity.

Holding statements for the distributed Bellavista shares were dispatched on 11 May, with trading on a normal T+2 basis to commence on 12 May. FireFly has also applied for an Australian Taxation Office class ruling on the income tax treatment of the distribution, and the outcome will inform shareholders about the tax implications of this restructuring move and its impact on their holdings.

The most recent analyst rating on (AU:FFM) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on FireFly Metals stock, see the AU:FFM Stock Forecast page.

More about FireFly Metals

FireFly Metals is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The project hosts substantial measured, indicated and inferred resources under both JORC and NI 43-101 standards, and the company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.

YTD Price Performance: -5.64%

Average Trading Volume: 5,654,578

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$1.48B

For detailed information about FFM stock, go to TipRanks’ Stock Analysis page.