Peel Mining Limited (ASX: PEX), a company focused on the exploration and development of precious and base metal assets, particularly within the Cobar Basin, has announced that the Supreme Court of New South Wales has approved the convening of a Scheme Meeting and the distribution of its Scheme Booklet. This significant step relates to the proposed scheme of arrangement under which Aeris Resources Limited (ASX: AIS) intends to acquire 100% of Peel’s issued shares. The acquisition is inter-conditional with a planned demerger of Peel’s wholly-owned subsidiary, Spectre Metals Limited.
The Demerger will see Spectre Metals distributed pro rata in-specie to Peel shareholders, holding Peel’s remaining precious and base metal assets in the Cobar Basin, including the high-grade Southern Nights Complex, alongside Peel’s net cash, leadership team, and growth strategy. Both the Demerger and the Scheme are structured to be implemented concurrently, unless specific inter-conditionality conditions are waived. The Court’s orders specifically allow Peel to convene a meeting for shareholders to vote on the Scheme and have approved the explanatory statement and Notice of Scheme Meeting for distribution.
The Scheme Meeting, crucial for Peel shareholders to vote on the proposed acquisition, is set for 10:30am (Sydney time) on Monday, 15 June 2026. The Scheme Booklet, containing the Independent Expert’s Report by Grant Thornton Australia, will be released to the ASX after ASIC registration and is expected to be despatched to shareholders around 12 May 2026. It will also be available on Peel’s website. The Peel Board unanimously recommends shareholders vote in favour of the Scheme and Demerger, contingent on no superior proposal and the Independent Expert maintaining its favourable conclusion. Shareholders are encouraged to read the full Scheme Booklet before making their decision.
