Court Approves Genesis Minerals' Scheme to Acquire Magnetic Resources
Key points
- Court approves the Scheme of arrangement
- Magnetic Resources NL shares will be suspended from trading on 10 June
- Implementation Date set for 22 June
- New Genesis Shares to commence trading on 23 June
Full summary
Genesis Minerals Ltd (ASX: GMD) has announced that the Supreme Court of Western Australia has approved the scheme of arrangement for the acquisition of Magnetic Resources NL (ASX: MAU). Magnetic Resources NL shares will be suspended from trading on the ASX at the close of trading on Wednesday, 10 June 2026. The implementation date is set for Monday, 22 June 2026, when Scheme Shareholders will receive the Scheme Consideration. New Genesis Shares are expected to commence trading on a normal settlement basis on Tuesday, 23 June 2026.
Outlook
The acquisition is expected to strengthen Genesis Minerals' position in the mining sector.
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