Horizon to Acquire 100% of Poseidon Shares as Court Approves Merger Schemes
The Supreme Court of Western Australia has approved the merger between Horizon Minerals and Poseidon Nickel, setting the stage for a significant consolidation in the nickel sector. Key dates for trading suspension and scheme implementation have now been confirmed.
- Supreme Court approves Horizon Minerals and Poseidon Nickel merger schemes
- Merger effective and trading suspension scheduled for February 10, 2025
- Scheme consideration record date set for February 12, 2025
- Official quotation of Poseidon shares and options to end February 19, 2025
- Merger to consolidate 100% of Poseidon shares and options under Horizon
Court Approval Marks Major Milestone
On February 7, 2025, Horizon Minerals Limited (ASX: HRZ) and Poseidon Nickel Limited (ASX: POS) announced that the Supreme Court of Western Australia has granted approval for their proposed merger via schemes of arrangement. This judicial endorsement clears a critical regulatory hurdle, bringing the two nickel-focused miners closer to uniting their operations under Horizon's banner.
The merger, initially announced in October 2024, involves Horizon acquiring 100% of Poseidon's fully paid ordinary shares and listed options. The court's approval confirms the legal framework for this acquisition, signaling a significant consolidation in the Australian nickel mining sector.
Key Dates and Trading Implications
The schemes will become legally effective once the court orders are lodged with the Australian Securities and Investments Commission (ASIC), expected by February 10, 2025. On this date, trading of Poseidon's shares and listed options will be suspended at market close, marking the end of Poseidon as a standalone listed entity.
Following the effective date, the record date for determining entitlements to the scheme consideration is set for February 12, 2025. The implementation date, when Horizon will issue the scheme consideration to Poseidon shareholders, is scheduled for February 19, 2025. On the same day, Poseidon's official quotation on the ASX will be terminated, completing the transition.
Strategic and Market Context
This merger reflects a broader trend of consolidation within the nickel mining industry, driven by the metal's growing importance in battery technologies and electric vehicles. Horizon's acquisition of Poseidon not only expands its resource base but also enhances its market positioning amid rising demand for critical minerals.
Market participants will be watching closely how the integration unfolds operationally and financially. The suspension of Poseidon's securities and eventual delisting will shift investor focus to Horizon's performance and strategic execution post-merger.
Leadership and Communications
Both companies have reaffirmed their commitment to a smooth transition. Horizon's Managing Director Grant Haywood and Poseidon's CEO Brendan Shalders remain points of contact for stakeholders seeking clarity on the merger process and its implications.
As the merger moves into its final stages, the combined entity is poised to leverage synergies and scale, potentially reshaping the competitive landscape of nickel mining in Australia.
Bottom Line?
With court approval secured, all eyes turn to February 10 as the merger reshapes Poseidon's market presence.
Questions in the middle?
- How will Horizon integrate Poseidon's assets and operations post-merger?
- What impact will the merger have on nickel production and project development timelines?
- How will the market value Horizon post-merger, considering Poseidon's delisting?
