Ramelius Resources has completed its acquisition of Spartan Resources through a court-approved scheme, issuing new shares that start deferred trading ahead of normal settlement next week.
- Supreme Court of WA approves Spartan-Ramelius scheme
- Spartan shareholders to receive $0.25 cash plus 0.6957 Ramelius shares per Spartan share
- New Ramelius shares commence deferred settlement trading on ASX
- Scheme implementation expected by 31 July 2025
- Normal trading of new shares to begin 1 August 2025
Scheme Approval and Capital Impact
Ramelius Resources Limited has taken a significant step in its growth strategy by completing the acquisition of Spartan Resources Limited through a court-sanctioned scheme of arrangement. The Supreme Court of Western Australia granted approval on 22 July 2025, legally enabling the transaction to proceed. This approval marks a pivotal moment, as it triggers the issuance of new Ramelius shares to Spartan shareholders and a cash payment, effectively expanding Ramelius's issued capital to over 1.15 billion shares.
Details of the Scheme Consideration
Under the terms of the scheme, Spartan shareholders are entitled to receive a combination of cash and equity, specifically, $0.25 in cash plus 0.6957 newly issued Ramelius shares for each Spartan share held. This blend of cash and shares reflects a balanced approach to compensation, offering immediate liquidity alongside a stake in the combined entity's future. The issuance of these new shares will increase Ramelius's share count substantially, signaling a dilution that existing shareholders will be watching closely.
Trading Status and Next Steps
New Ramelius shares issued under the scheme have already commenced trading on the Australian Securities Exchange (ASX) on a deferred settlement basis under the code RMSNC. Deferred settlement trading allows the market to price the shares ahead of the formal transfer of ownership. The full implementation of the scheme, including payment and share transfer to Spartan shareholders, is anticipated by 31 July 2025. Following this, normal settlement trading of the new shares is expected to begin on 1 August 2025, at which point the market will have a clearer picture of the combined company's valuation and investor sentiment.
Leadership and Corporate Governance
The acquisition coincides with a refreshed board composition at Ramelius. The company now lists Bob Vassie as Non-Executive Chair, alongside Managing Director Mark Zeptner and a team of non-executive directors including David Southam, Natalia Streltsova, Fiona Murdoch, and Colin Moorhead. This leadership lineup will be critical in steering the integration of Spartan's assets and operations into Ramelius's portfolio, a process that will test the company's strategic and operational capabilities in the months ahead.
Market Implications and Outlook
Ramelius's acquisition of Spartan represents a notable consolidation in the Australian gold mining sector, potentially enhancing production scale and resource base. However, the market will be attentive to how well the integration unfolds and whether the anticipated synergies materialize. Investors will also be monitoring Ramelius's share price and trading volumes closely as normal settlement trading begins, which will provide early signals of market confidence in the enlarged entity.
Bottom Line?
As Ramelius transitions to normal trading of new shares, investors will watch closely for signs of integration success and market acceptance.
Questions in the middle?
- How will the increased share capital affect Ramelius's earnings per share and dividend policy?
- What operational synergies and cost savings does Ramelius expect from the Spartan acquisition?
- Are there any integration risks or challenges that could impact Ramelius's near-term performance?