Poseidon Shareholders to Receive 0.1156 Horizon Shares in Merger Deal

Merger Schemes Gain Legal Approval

On February 10, 2025, Poseidon Nickel Limited (ASX: POS) and Horizon Minerals Limited (ASX: HRZ) announced that their proposed merger via schemes of arrangement has become legally effective. The Supreme Court of Western Australia granted final approval to the schemes, marking a significant milestone in the consolidation of these two nickel-focused mining companies.

The court orders were lodged with the Australian Securities and Investments Commission (ASIC) on the same day, formalising the transaction under the Corporations Act 2001 (Cth). This legal endorsement clears the path for the merger's implementation, which will see Horizon Minerals acquire 100% of Poseidon's fully paid ordinary shares and listed options.

Trading Suspension and Shareholder Entitlements

Following the court approval, trading of Poseidon shares and listed options was suspended on the ASX at the close of trading on February 10, 2025. This suspension is a standard procedure to facilitate the orderly transfer of securities and to prevent market disruption during the merger process.

Poseidon shareholders registered at 5:00pm AWST on February 12, 2025 (the Record Date), will receive 0.1156 Horizon Minerals shares for each Poseidon share held. Similarly, holders of Poseidon options will receive 0.1156 Horizon options per Poseidon option held. This exchange ratio reflects the agreed terms of the merger and aims to provide equitable value to Poseidon security holders.

Implementation Timeline and Next Steps

The scheme consideration is expected to be issued to Poseidon shareholders and option holders on February 19, 2025. On the same day, Poseidon's shares and options will be officially delisted from the ASX, completing the transition into the merged entity under Horizon Minerals.

Both companies have committed to keeping security holders informed of any material developments as the timetable progresses. Investors are encouraged to monitor announcements closely and reach out to the provided shareholder information lines for any queries.

Strategic Implications for the Nickel Sector

This merger represents a strategic consolidation within the Australian nickel mining sector, potentially enhancing operational efficiencies and resource development capabilities. By combining assets and expertise, the merged entity may be better positioned to capitalize on growing demand for nickel, driven by the electric vehicle and battery markets.

Market participants will be watching closely how the integration unfolds and whether the combined company can deliver on anticipated synergies and shareholder value enhancement.