MAC Copper’s Delisting Looms as Harmony Gold Acquisition Nears Court Approval
MAC Copper Limited has outlined the final timetable for its acquisition by Harmony Gold, including key dates for court approval, trading suspension, and shareholder payments.
- Court sanction hearing scheduled for 9 October 2025
- Trading suspension and delisting from ASX and NYSE in late October and early November
- Scheme consideration payments to shareholders by 31 October 2025
- Detailed payment methods for shareholders and CDI holders provided
- Timetable subject to change pending court orders
Final Court Approval and Closing Timetable
MAC Copper Limited has provided a detailed update on the closing timetable for its proposed acquisition by Harmony Gold Mining Company Limited. The transaction, structured as a Jersey law scheme of arrangement, awaits final court sanction scheduled for 9 October 2025. This hearing represents a critical regulatory milestone, without which the acquisition cannot proceed.
Trading Suspension and Delisting Plans
Following court approval, MAC Copper’s shares and CHESS Depositary Interests (CDIs) will cease trading on the ASX and NYSE by 24 October 2025. The company will then initiate delisting procedures, with full removal from the ASX expected by 3 November 2025. This marks the end of MAC Copper’s public listing, transitioning it into a wholly owned subsidiary of Harmony Gold.
Shareholder Payments and Consideration
Shareholders and CDI holders can expect payment of the scheme consideration by 31 October 2025. The announcement clarifies payment methods, including electronic transfers in US dollars for shareholders holding shares through the Depository Trust Company (DTC), and options for cheque or electronic payments for other holders. MAC Copper has also provided contact details for shareholder inquiries, underscoring its commitment to a smooth transition.
Implications for Investors and Market
This acquisition and subsequent delisting reflect Harmony Gold’s strategic expansion in the metals and mining sector, particularly in assets critical to electrification and decarbonization. For investors, the timetable offers clarity on when to expect liquidity events and final payments. However, the timetable remains subject to court approval and potential adjustments, which investors should monitor closely.
Looking Ahead
With the court sanction hearing imminent, the market will soon gain certainty on the transaction’s completion. MAC Copper’s management, led by CEO Mick McMullen, appears focused on ensuring a seamless handover. The coming weeks will be pivotal in confirming the acquisition’s final steps and the company’s transition under Harmony Gold’s ownership.
Bottom Line?
As MAC Copper nears its final court approval, investors should watch closely for any timetable shifts that could impact the acquisition’s completion and shareholder payouts.
Questions in the middle?
- Will the court sanction hearing on 9 October proceed without delay or conditions?
- How will Harmony Gold integrate MAC Copper’s assets post-acquisition?
- What are the potential impacts on MAC Copper’s existing shareholders beyond the scheme consideration?
