Torque Metals Issues 1 Share per 5.2 Aston Shares in Completed Merger
Torque Metals has completed its acquisition of Aston Minerals through court-approved schemes of arrangement, leading to Aston's delisting from the ASX and a reshaped leadership team for the combined entity.
- Torque Metals acquires all Aston Minerals shares and certain unlisted options
- Aston shareholders receive Torque shares at a ratio of 1 TOR per 5.2 ASO shares
- Aston Minerals suspended and delisted from the ASX as of June 10, 2025
- New board includes directors from both companies with Cristian Moreno as Managing Director
- Several Aston and Torque directors resign following merger completion
Merger Completion and Shareholder Impact
After months of anticipation, Torque Metals Limited (ASX – TOR) has officially completed its merger with Aston Minerals Limited (ASX – ASO) via court-sanctioned schemes of arrangement. The Supreme Court of Western Australia approved the transaction, allowing Torque to acquire all fully paid ordinary shares and select unlisted options of Aston. Eligible Aston shareholders received Torque shares as consideration, with a conversion ratio set at one Torque share for every 5.2 Aston shares held on the record date. Additionally, holders of Aston’s unlisted options in the ASOAH class received one Torque share for every 2,500 options.
Delisting and Market Implications
Following the merger's implementation, trading in Aston Minerals securities was suspended on May 29, 2025, and the company has now applied for removal from the official ASX list, effective from 5 – 00pm AWST on June 10, 2025. This delisting marks the end of Aston as an independent listed entity, consolidating its assets and operations under Torque Metals. For investors, this means their exposure to Aston is now fully represented by Torque shares, shifting the market focus to Torque’s performance and strategic direction.
Leadership and Board Restructuring
The merger brings a restructured leadership team to the combined group. Cristian Moreno, Torque’s Managing Director, will lead the new entity, supported by a board comprising existing Torque director Evan Cranston and Aston director Tolga Kumova. Several directors from both companies have stepped down, including Aston’s Russell Bradford and Robert Jewson, as well as Torque’s Antony Lofthouse. The transition also includes continuity in company secretarial roles, with Michelle Kennedy and Meagan Hamblin continuing for Torque, and Aston’s Oonagh Malone remaining temporarily to support the integration.
Strategic Outlook and Next Steps
While the announcement confirms the merger’s completion and governance changes, it leaves open questions about the combined group's operational strategy and financial outlook. Market watchers will be keen to see how Torque leverages Aston’s assets and expertise, particularly in the base metals sector, and how the integration will unfold in practice. The merger positions Torque Metals as a more substantial player, but the real test will be in delivering value to shareholders through enhanced exploration, development, and production capabilities.
Bottom Line?
With the merger now complete and Aston delisted, all eyes turn to Torque Metals’ next moves to capitalise on its expanded base metals portfolio.
Questions in the middle?
- How will Torque Metals integrate Aston’s assets and operations in the near term?
- What are the financial implications for Torque shareholders following the share exchange?
- Will the combined group announce new exploration or development plans soon?
