Trading Suspended as Spartan’s Takeover by Ramelius Gains Court Approval
The Supreme Court of Western Australia has approved the scheme of arrangement for Ramelius Resources to acquire Spartan Resources, marking a significant consolidation in the gold mining sector.
- Scheme of arrangement approved by Supreme Court
- Spartan shares suspended from ASX trading as of 22 July 2025
- Eligible shareholders to receive $0.25 cash plus 0.6957 Ramelius shares per Spartan share
- Scheme consideration expected to be paid on 31 July 2025
- Ineligible shareholders’ Ramelius shares to be sold with proceeds paid out
Scheme Approval and Trading Suspension
Spartan Resources Limited has announced that the Supreme Court of Western Australia has formally approved the scheme of arrangement for its acquisition by Ramelius Resources Limited. This legal endorsement marks the transaction as effective, with Spartan shares set to be suspended from trading on the Australian Securities Exchange from the close of trading on 22 July 2025.
Details of the Scheme Consideration
Under the terms of the scheme, eligible Spartan shareholders recorded by 5 – 00pm AWST on 24 July 2025 will receive a combination of $0.25 in cash and 0.6957 new Ramelius shares for each Spartan share held. This mixed cash-and-share consideration reflects a strategic move by Ramelius to integrate Spartan’s assets while providing immediate value to shareholders.
Treatment of Ineligible Shareholders
Shareholders who hold unmarketable parcels or are classified as ineligible foreign shareholders will not receive Ramelius shares directly. Instead, the shares allocated to these parties will be sold by an appointed sale agent, with the net proceeds distributed to the respective shareholders. This approach ensures compliance with regulatory requirements while maintaining fairness in the transaction.
Next Steps and Timetable
The implementation date for the scheme is scheduled for 31 July 2025, when the scheme consideration will be distributed and Spartan shares transferred to Ramelius. The orderly timetable and clear communication from both companies aim to minimize disruption and provide certainty to investors during this transition.
Legal and Regulatory Context
The court’s approval followed a thorough review process, including consideration of fairness and reasonableness, with no objections raised by shareholders or the Australian Securities and Investments Commission. This judicial endorsement also facilitates Ramelius’s compliance with U.S. securities regulations, underscoring the transaction’s international regulatory complexity.
Bottom Line?
With the scheme now effective, attention turns to how Ramelius will integrate Spartan’s assets and deliver value to its expanded shareholder base.
Questions in the middle?
- How will Ramelius manage the integration of Spartan’s operations post-acquisition?
- What impact will the suspension of Spartan shares have on liquidity and market sentiment?
- Are there any anticipated changes to production or financial guidance following the acquisition?
