Capricorn Takeover Faces Key Test as Warriedar Appoints Independent Expert
Warriedar Resources has appointed BDO Corporate Finance Australia to assess the proposed acquisition by Capricorn Metals, with a detailed Independent Expert Report due in late September 2025.
- BDO appointed as independent expert for Scheme of Arrangement
- Scheme Booklet including expert report to be dispatched late September 2025
- Capricorn Metals to acquire Warriedar via court-approved scheme
- Scheme meetings and court hearings scheduled for late 2025
- Warriedar Board unanimously recommends the Scheme
Independent Expert Appointment
Warriedar Resources has taken a significant step forward in its proposed acquisition by Capricorn Metals Limited, announcing the appointment of BDO Corporate Finance Australia Pty Ltd as the independent expert. This appointment is a critical milestone in the Scheme of Arrangement process, tasked with preparing an impartial report to evaluate whether the Scheme is in the best interests of Warriedar shareholders and optionholders.
Scheme Booklet and Timetable
The Independent Expert Report will be included in the Scheme Booklet, which is expected to be dispatched to shareholders and optionholders in late September 2025. This booklet will provide detailed information about the Scheme, including the terms of the acquisition and the expert’s assessment. Following this, Warriedar will hold Scheme meetings in late October, where shareholders and optionholders will vote on the proposal. The process is subject to court approval, with hearings scheduled through late 2025 and an anticipated implementation date in November.
Board Support and Market Context
The Warriedar Board has unanimously recommended the Scheme, signaling strong internal confidence in the transaction’s value proposition. Capricorn Metals’ offer involves an exchange of securities on a defined ratio, including provisions for outstanding options, which will be carefully scrutinized in the expert report. With Warriedar’s market capitalization currently around A$184 million and a cash position of A$24.4 million, the deal represents a strategic consolidation in the gold exploration and mining sector.
Looking Ahead
As the Scheme progresses, investors will be closely watching the findings of BDO’s Independent Expert Report and the subsequent shareholder vote. The outcome will not only determine Warriedar’s future ownership but also set a precedent for similar transactions in the sector. The company has committed to keeping the market informed of any material developments, underscoring the importance of transparency during this pivotal phase.
Bottom Line?
Warriedar’s next few months will be pivotal as the independent expert’s report and shareholder vote set the stage for Capricorn’s takeover bid.
Questions in the middle?
- Will the Independent Expert endorse the Scheme as beneficial for all shareholders and optionholders?
- How might the terms of the option exchange impact Warriedar’s capital structure post-acquisition?
- What are the potential regulatory or court hurdles that could delay or alter the Scheme’s implementation?
