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Genesis Minerals Limited (ASX:GMD)

ALERT: Price-sensitive ASX Announcement for GMD
Current share price for GMD : $5.520 0.39 (7.60%)+
Announcement
Release
9 Jun 2026 2:10PM
Price at Release
$5.130
Full Release
download
Summary
On 9 June 2026, the Supreme Court of Western Australia approved a scheme of arrangement under which Genesis Minerals Limited will acquire all shares in Magnetic Resources NL. This scheme, made under Part 5.1 of the Corporations Act 2001, will become effective upon lodging Court orders with the Australian Securities and Investments Commission on 10 June 2026. Following this, Magnetic's shares will be suspended from ASX trading at the close of 10 June 2026. Scheme Shareholders are set to receive their consideration on 22 June 2026, with new Genesis Shares trading on a deferred settlement basis starting 11 June 2026.
Key Points
  • The Supreme Court of Western Australia approved the scheme of arrangement.
  • Genesis Minerals Limited will acquire 100% of the shares in Magnetic Resources NL.
  • The scheme is made under Part 5.1 of the Corporations Act 2001.
  • Orders from the Court will be lodged with the Australian Securities and Investments Commission on 10 June 2026.
  • Magnetic shares will be suspended from trading on the ASX at the close of trading on 10 June 2026.
  • Scheme Shareholders will receive Scheme Consideration on the Implementation Date, 22 June 2026.
  • New Genesis Shares will commence trading on ASX on a deferred settlement basis on 11 June 2026.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.