Over 99% Vote in Favor as DPM Acquisition of Adriatic Clears Key Hurdles

Shareholder Approval Secures Acquisition Path

On 13 August 2025, Adriatic Metals Plc announced that its shareholders have decisively endorsed the recommended acquisition by Dundee Precious Metals Inc. (DPM) through a Court-sanctioned scheme of arrangement. At both the Court Meeting and the General Meeting, more than 99% of votes cast supported the scheme, marking a critical milestone in the takeover process.

This strong shareholder backing reflects confidence in the strategic rationale behind the acquisition, which aims to combine Adriatic’s precious metals assets with DPM’s operational expertise and global footprint. The voting turnout was robust, with nearly 60% of the issued share capital participating, underscoring broad shareholder engagement.

Regulatory Clearances and Conditions Met

Beyond shareholder approval, the acquisition has cleared key regulatory hurdles. Notably, the Competition Council of Bosnia and Herzegovina has granted its approval, satisfying one of the essential conditions for completion. Additionally, DPM shareholders have passed the necessary resolutions to support the transaction.

These regulatory green lights reduce uncertainty and pave the way for the final procedural steps. However, the acquisition remains subject to the Court’s formal sanction scheduled for 29 August 2025, along with the fulfillment or waiver of other customary conditions outlined in the scheme documentation.

Implementation Timeline and Market Impact

The timetable for the acquisition’s implementation is now well-defined. Following the Court sanction, Adriatic shares will be suspended and subsequently delisted from both the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) by early September. New DPM common shares are expected to be issued to Adriatic shareholders by mid-September, with trading commencing on the Toronto Stock Exchange (TSX).

For Adriatic shareholders, this means transitioning from a standalone investment to holding shares in a larger, diversified mining company. The move is anticipated to enhance liquidity and provide exposure to a broader portfolio of precious metals assets. Meanwhile, the delisting from ASX and LSE marks the end of Adriatic’s independent public listing, a significant shift for investors accustomed to those markets.

Legal and Advisory Support

The transaction has been supported by a cadre of legal and financial advisers on both sides, including RBC Capital Markets, Macquarie Capital, and Stifel Nicolaus Europe Limited for Adriatic, and BMO Capital Markets for DPM. Legal counsel spans multiple jurisdictions, reflecting the cross-border nature of the deal and the complexity of regulatory compliance.

These advisory teams have played a pivotal role in navigating the intricate approval processes and ensuring that shareholder communications and disclosures meet stringent regulatory standards across the UK, Australia, Canada, and other relevant jurisdictions.

Looking Ahead

With shareholder and regulatory approvals largely secured, attention now turns to the upcoming Court sanction hearing and the final steps toward completion. Market participants will be watching closely for any last-minute developments or conditions that could delay or alter the transaction’s trajectory.

Assuming all proceeds smoothly, the acquisition will mark a significant consolidation in the precious metals mining sector, potentially reshaping competitive dynamics and investor portfolios alike.