How Dundee Precious Metals Sealed Adriatic’s Fate and Reshaped Its Board
Dundee Precious Metals has completed its acquisition of Adriatic Metals through a UK court-sanctioned scheme, leading to Adriatic's delisting and a significant board reshuffle. The deal sets the stage for DPM’s ASX debut with new shares trading from mid-September.
- Acquisition completed via court-sanctioned scheme of arrangement
- Adriatic Metals delisted from ASX and London Stock Exchange
- Adriatic shareholders receive new DPM shares plus cash consideration
- Significant changes to Adriatic’s board following acquisition
- DPM approved for ASX Foreign Exempt Listing; trading starts 17 September
Acquisition Completion and Legal Formalities
On 3 September 2025, Dundee Precious Metals Inc. (DPM) officially completed its recommended acquisition of Adriatic Metals Plc (Adriatic) through a court-sanctioned scheme of arrangement under UK law. This follows a series of shareholder approvals and a High Court sanction in England and Wales, culminating in DPM acquiring 100% of Adriatic’s issued share capital. Adriatic will now be re-registered as a private limited company, marking a significant structural shift for the former public miner.
Shareholder Compensation and Market Impact
Adriatic shareholders are set to receive a combination of 0.1590 new DPM shares and 93 pence in cash for each Adriatic share held, subject to the outcome of Mix and Match Elections, which will be clarified in a forthcoming announcement. Trading of Adriatic’s securities has been suspended and delisting from both the Australian Securities Exchange (ASX) and London Stock Exchange (LSE) is expected imminently, effectively ending Adriatic’s independent public market presence.
DPM’s ASX Listing and Strategic Positioning
DPM has secured approval for an ASX Foreign Exempt Listing, with its CHESS Depositary Interests (CDIs) expected to commence trading on 17 September 2025 under the ticker “DPM.” This move not only broadens DPM’s investor base but also signals its intent to strengthen its footprint in the Australian market, leveraging Adriatic’s assets and operational expertise.
Boardroom Shake-Up
The acquisition triggered a substantial reshuffle of Adriatic’s board. Seven directors, including Michael Rawlinson and Laura Tyler, resigned immediately upon completion. They were replaced by five new appointees, such as Kelly Stark-Anderson and Wenda Adriaanse, indicating a strategic realignment under DPM’s stewardship. This board renewal is likely aimed at integrating Adriatic’s operations and aligning governance with DPM’s corporate objectives.
Regulatory and Legal Considerations
The announcement is accompanied by comprehensive legal and regulatory disclosures, reflecting the cross-jurisdictional complexity of the deal spanning the UK, Australia, Canada, and the US. Investors are cautioned about forward-looking statements and the inherent risks associated with integration, market conditions, and geopolitical factors affecting mining operations across multiple countries.
Bottom Line?
With Adriatic now under DPM’s full control and trading poised to begin on the ASX, all eyes will be on how the combined entity navigates integration and delivers on promised synergies.
Questions in the middle?
- How will DPM manage integration risks across Adriatic’s diverse geographic operations?
- What will be the final breakdown of Mix and Match Elections for shareholder compensation?
- How might the board changes influence Adriatic’s strategic direction under DPM?
