Imdex and Coretrack execute merger implementation agreement

Friday, Jul 24, 2009

Imdex Limited and Coretrack Limited today announced the execution of the Merger Implementation Agreement under which they have agreed to proceed with the merger by way of a Scheme of Arrangement.

Implementation of the merger is conditional on the satisfaction of a number of conditions precedent, including a period of mutual confirmatory due diligence to be completed by 5pm (Perth time) on Thursday 6 August 2009. A copy of the Merger Implementation Agreement is attached to this release.

The Board of Coretrack unanimously recommends that all Coretrack shareholders and option holders support the merger proposal, subject to the Independent Expert confirming that the merger is in the best interests of Coretrack shareholders and option holders.

Coretrack’s Directors, Equitas Nominees, William Connell, Damian Stockton and each of their related entities intend to vote in favour of the proposed merger, subject to the Coretrack Directors not changing their recommendation.

Anticipated timetable

A Scheme booklet, setting out the terms for the merger, and including an Independent Expert’s Report and the reasons for Coretrack Directors’ recommendation is expected to be sent to all Coretrack shareholders and option holders in September 2009.

Meetings of Coretrack shareholders and option holders to approve the Scheme are expected to be held in October 2009, with the Scheme of Arrangement presently expected to be completed in November 2009.

Shareholder and option holder information

Further information on the merger proposal will be lodged with the Australian Securities Exchange (ASX) and included on Imdex’s website and Coretrack’s website.

About Imdex Limited

Imdex is a Perth based public company listed on the Australian Securities Exchange (ASX), whose core business is the supply of drilling fluids and down hole instrumentation to the global mining and oil & gas industries.

About Coretrack Limited

Coretrack is a Perth based public company listed on the ASX that provides leading technological solutions to the global oil & gas industry. Coretrack’s primary focus since listing has been the development and commercialisation of its revolutionary and patented technology, the Core Level Recorder System.

Source: Imdex

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