EER is acquiring Idalia from Camvill, a wholly owned subsidiary of the Noble Group, and Majicyl, a company associated with the Basso-Brusa family, for the equivalent of $38 million via the issue of fully paid EER 20c shares.

The total consideration was adjusted from $40m based on Idalia’s cash balances, GST receivable, accounts payable and outstanding debt balance on the business day immediately preceding the close of the transaction.

Noble formerly held 50.1% of Idalia shares and Majicyl 49.9%. With the completion of the transaction, Noble and Majicyl hold 41.18% and 45.98% of the issued shares of EER, respectively. Other shareholders will hold 12.84%.