Adriatic Takeover Advances but Faces Crucial Shareholder and Court Hurdles

Regulatory Milestone Achieved

Dundee Precious Metals Inc. has announced a significant step forward in its recommended acquisition of Adriatic Metals Plc by securing approval from the Competition Council of Bosnia and Herzegovina. This regulatory clearance satisfies a key condition under the Bosnian Competition Act, removing a major obstacle in the cross-border mining deal.

The approval is particularly important given Adriatic's operational footprint in Bosnia, where competition concerns could have complicated or delayed the acquisition. With this hurdle cleared, Dundee and Adriatic are now focused on the remaining procedural steps to finalise the transaction.

Next Steps Toward Completion

Despite this positive development, the acquisition is still contingent on several critical approvals. Shareholders of both companies are scheduled to vote on the scheme of arrangement at meetings set for 13 August 2025. Additionally, the transaction requires sanction from the court and the satisfaction or waiver of other conditions outlined in the scheme document.

The companies have provided a comprehensive timetable detailing key events, including proxy deadlines, record dates, and the anticipated suspension of trading in Adriatic shares on the Australian Securities Exchange. Following court sanction and completion, Adriatic will be delisted from the ASX and London Stock Exchange, with Dundee’s shares expected to commence trading on the Toronto Stock Exchange.

Market and Shareholder Implications

For investors, the acquisition promises to consolidate Dundee’s position in the precious metals sector, expanding its asset base into the Balkans. However, the deal’s completion remains subject to shareholder approval and court processes, which introduces some uncertainty around timing. The detailed timetable helps market participants track the progress and prepare for the transition, including the eventual issuance of new Dundee shares or Canadian Depositary Interests to Adriatic shareholders.

Adriatic’s management, led by CEO Laura Tyler, continues to support the transaction, emphasising regulatory compliance and shareholder engagement. The announcement also reiterates the importance of shareholders reviewing the scheme document carefully before voting.

Looking Ahead

With the Bosnian competition clearance secured, the acquisition is poised to move into its final phase. Market watchers will be closely monitoring the shareholder meetings and court sanction hearing in mid-August, which will be decisive for the transaction’s fate.