• Peel Mining proposes scheme of arrangement with Aeris Resources to acquire 100% of Peel shares
• Peel to undertake demerger of wholly-owned subsidiary Spectre Metals prior to scheme
• Scheme Booklet registered with ASIC, recommending shareholders vote in favor of scheme and demerger

Peel Mining Limited (ASX: PEX) has announced that the explanatory statement, containing the Independent Expert's Report and notices of meeting (Scheme Booklet), for its proposed scheme of arrangement under Part 5.1 of the Corporations Act 2001 with Aeris Resources Limited (ASX: AIS) has been registered with the Australian Securities and Investments Commission (ASIC). Under the proposed scheme, Aeris will acquire 100% of the issued shares in Peel. Prior to the scheme becoming effective, Peel will undertake a demerger of its wholly-owned subsidiary, Spectre Metals Limited, by way of an equal capital reduction. The Peel Board unanimously recommends that, in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the scheme is in the best interests of Peel shareholders, Peel shareholders vote in favor of the scheme and the demerger. The Independent Expert has concluded that the scheme is fair and reasonable and therefore in the best interests of shareholders, and that the demerger does not materially prejudice Peel's ability to pay its creditors.