Magnetic Resources NL (ASX: MAU), a mineral exploration company focused on identifying and developing resource projects in Australia, today announced that its scheme of arrangement with Genesis Minerals Limited (ASX: GMD) has officially become effective. This significant development follows the lodging of orders made by the Supreme Court of Western Australia with the Australian Securities and Investments Commission (ASIC) on 10 June 2026. The approval by the Court and subsequent lodgement of these orders are pivotal steps towards Genesis acquiring 100% of all issued shares in Magnetic Resources.
With the Scheme now effective, Magnetic Resources confirms that trading in its shares on the ASX is anticipated to be suspended from the close of trading today, Wednesday, 10 June 2026. This suspension is a standard procedure designed to facilitate the smooth finalisation of the acquisition, ensuring that all shares are accounted for ahead of the Scheme’s implementation. The company highlighted that the attached Court Orders provide the legal framework for this corporate action, as previously detailed in the Scheme Booklet dated 29 April 2026.
Magnetic shareholders are advised that the Scheme Consideration, to which they are entitled, will be provided on the Implementation Date, scheduled for Monday, 22 June 2026. Entitlements will be determined based on each shareholder’s valid election, if made, and will be subject to any applicable Scaleback Arrangements, for each Magnetic share held on the Record Date. The Record Date for determining eligible shareholders is 5:00pm (AWST) on Monday, 15 June 2026. Following the implementation, new Genesis shares are expected to commence trading on the ASX from Tuesday, 23 June 2026, marking the completion of the transaction.
