The Future of Renergen: Shareholder Vote Ahead

ASP Isotopes Inc. (ASPI) and Renergen have recently published a joint announcement regarding ASPI’s proposed acquisition of Renergen. For context, ASPI, a Nasdaq-listed U.S. company, has made a firm offer to acquire 100% of Renergen’s ordinary shares via a scheme of arrangement. 

Shareholders would receive ASPI shares at a fixed swap ratio of 0.09196 ASPI shares per Renergen share. If the scheme fails solely due to unmet conditions, ASPI will proceed with a general standby offer on similar terms. 

The general meeting for Renergen shareholders to vote for or against the transaction will take place on 10 July in Sandton. The meeting will also be conducted virtually via electronic communication for those unable to attend in person. 

• Only full shares carry voting rights. 
• To attend the AGM, investors can request a letter of representation from the Corporate Actions team - see the process here. 

Online participation: 

Renergen shareholders who wish to participate in the virtual general meeting via electronic communication are required to:

1. Contact The Meeting Specialist (TMS) as soon as possible, but no later than 10:00 SAST on Tuesday, 8 July 2025, either by email at proxy@tmsmeetings.co.za or by phone
   • Shareholders requiring assistance joining the virtual meeting can also contact TMS via any of the above numbers

1. Undergo a verification process with TMS to confirm their entitlement to participate in the virtual meeting. 
2.  Provide valid identification:
   • Individuals must submit a certified copy of their ID, driver’s licence, or passport.
   • Non-individuals must provide a certified copy of a resolution by the relevant entity and certified copies of the ID documents or passports of the persons who passed the resolution, specifying the name of the individual authorised to represent the entity at the meeting via electronic communication.

Information for online participation is also available on page 14 of the combined circular.

Important dates

• The last day to buy shares eligible to vote at the AGM is 1 July 2025.
• If approved by shareholders, the scheme is expected to be finalised on 14 August 2025. An application for the delisting of Renergen shares will be lodged on the same day.
• The last day to buy Renergen shares that will participate in the scheme is expected to be 26 August 2025, with the suspension of Renergen shares taking place the following day, 27 August 2025. 
• Shares of ASP Isotopes Inc. are expected to list on the JSE on 28 August 2025 and will be suspended on the same day due to cross-border implementation. 
• The distribution of consideration shares is expected on 2 September 2025. Renergen shares will be delisted from the ASX and JSE on 8 September 2025. 

This offer does not include the option to receive cash instead of shares when Renergen delists. Investors will still be able to buy and sell Renergen shares before the suspension date. Once suspended, shares can no longer be traded. Shares of ASPI and Renergen are available to investors through USD, ZAR, and AUD-denominated accounts, respectively.

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