96% Vote in Favor as Spartan Acquisition Nears Court Approval
Spartan Resources shareholders have overwhelmingly approved the proposed acquisition by Ramelius Resources, clearing a major hurdle for the deal. The next step is court approval, with the transaction expected to complete by the end of July.
- Over 90% of Spartan shareholders voted in favor of the acquisition scheme
- Scheme resolution passed with 96.3% of votes cast supporting the deal
- Court approval hearing scheduled for 21 July 2025
- Scheme implementation expected by 31 July 2025
- Shareholders to receive $0.25 cash plus 0.6957 Ramelius shares per Spartan share
Shareholder Approval Secures Key Milestone
Spartan Resources Limited has taken a significant step toward its acquisition by Ramelius Resources Limited, with shareholders overwhelmingly endorsing the proposed scheme of arrangement. At the recent scheme meeting, more than 90% of eligible Spartan shareholders voted in favor, reflecting strong support for the transaction that will see Spartan integrated into Ramelius.
The scheme resolution passed with 96.3% of votes cast supporting the deal, a decisive outcome that underscores shareholder confidence in the strategic rationale behind the acquisition. This level of backing is crucial for the transaction to proceed to the next phase.
Next Steps – Court Approval and Implementation
The acquisition now awaits formal approval from the Supreme Court of Western Australia, with a hearing scheduled for 21 July 2025. If the court grants its blessing, Spartan will lodge the necessary documentation with the Australian Securities and Investments Commission, making the scheme effective from 22 July.
Following court approval, Spartan shares are expected to be suspended from trading on the ASX, signaling the transition phase. The scheme’s implementation is anticipated by 31 July 2025, at which point Spartan shareholders on record will receive the agreed consideration – a combination of $0.25 cash and 0.6957 new Ramelius shares for each Spartan share held.
Implications for Shareholders and the Market
For Spartan shareholders, the deal offers immediate cash value alongside exposure to Ramelius’s broader gold mining operations through the share component. This blend of cash and shares aims to balance certainty with potential upside participation in Ramelius’s future growth.
Market participants will be watching closely as the court hearing approaches, mindful that any delays or conditions imposed could affect the timeline. Additionally, Ramelius’s share price performance post-implementation will be a key factor in assessing the deal’s ultimate value to Spartan shareholders.
Overall, the strong shareholder endorsement marks a pivotal moment in the consolidation of Western Australia’s gold mining sector, with Ramelius poised to expand its footprint through this acquisition.
Bottom Line?
With shareholder approval secured, all eyes now turn to the court’s decision and the final steps toward deal completion.
Questions in the middle?
- Will the Supreme Court approve the scheme without conditions?
- How will Ramelius’s share price react once Spartan shares are converted?
- What operational synergies or challenges might emerge post-acquisition?
