Gindalbie flags major changes

ASX-listed Gindalbie Minerals on Monday announced the demerger of its subsidiary Coda Minerals, and its simultaneous takeover by Chinese shareholder Ansteel.

The demerger of Coda, which holds the rights to a significant and strategic portfolio of tenements in South Australia, would be done through a capital reduction, with Gindalbie shareholders to receive a pro-rata distribution of Coda shares for every Gindalbie share held.