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Zenith Minerals Limited (ASX:ZNC)

ALERT: Price-sensitive ASX Announcement for ZNC
Current share price for ZNC : $0.091 0.001 (1.11%)+
Announcement
Release
9 Jun 2026 8:57AM
Price at Release
$0.090
Full Release
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Summary
Zenith Minerals Limited has entered into a binding Takeover Implementation Deed with Forrestania Resources Ltd, under which Forrestania will acquire Zenith through an off-market scrip takeover. Zenith shareholders will receive 1 Forrestania share for every 4.3 Zenith shares held, representing a 46.7% premium to the last closing price. The Zenith Board has recommended the offer, noting the strategic benefits of creating a larger exploration and development company focused on Western Australia. The transaction is subject to customary conditions, including a minimum acceptance condition of 50.1%, and offers potential CGT scrip-for-scrip rollover relief for eligible shareholders. The combined entity will hold a diverse portfolio of assets across key mineral belts.
Key Points
  • Zenith Minerals Limited has entered into a binding Takeover Implementation Deed with Forrestania Resources Ltd for an off-market scrip takeover.
  • Zenith shareholders will receive 1 Forrestania share for every 4.3 Zenith shares held, with an implied offer value of A$0.132 per Zenith share.
  • The offer represents a 46.7% premium to Zenith's last closing price.
  • Zenith's Board recommends the offer in the absence of a superior proposal.
  • The takeover aims to create a larger, more diversified West Australian-focused exploration and development company.
  • The transaction includes customary conditions and a minimum acceptance condition of 50.1%.
  • Zenith shareholders will maintain exposure to exploration and development opportunities through the combined entity.
  • The agreement allows for potential CGT scrip-for-scrip rollover relief for eligible shareholders.
  • The combined company will have a portfolio of assets across the Southern Cross, Forrestania, and Eastern Goldfields belts.
  • Zenith's Directors, holding approximately 4.5% of Zenith shares, intend to accept the offer.
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.