The Royal Court of Jersey has approved Harmony Gold’s acquisition of MAC Copper, setting the stage for MAC’s trading suspension and delisting from ASX and NYSE.
- Court sanctions Harmony Gold’s full acquisition of MAC Copper
- Scheme to become effective on 10 October 2025
- Trading suspension on ASX and NYSE scheduled for 10 October
- Delisting from both exchanges expected by early November
- Consideration payments to shareholders planned for late October
Court Approval Marks Major Milestone
MAC Copper Limited has reached a pivotal moment in its corporate journey with the Royal Court of Jersey sanctioning the proposed acquisition by Harmony Gold (Australia) Pty Ltd. This approval confirms the legal framework for Harmony Gold to acquire 100% of MAC’s issued share capital through a Jersey law scheme of arrangement. The court’s endorsement is a critical step that clears the path for the transaction to proceed as planned.
Trading Suspension and Delisting Timeline
The scheme is set to become legally effective on 10 October 2025, triggering immediate consequences for MAC’s securities. Trading of MAC’s CHESS Depositary Interests (CDIs) on the Australian Securities Exchange (ASX) and shares on the New York Stock Exchange (NYSE) will be suspended at the close of trading that day. This suspension will be followed by a formal delisting from both exchanges, with MAC expected to be removed from the ASX by 3 November 2025 and from the NYSE shortly thereafter.
Shareholder Consideration and Next Steps
Shareholders can expect consideration payments to be made in late October, with specific dates set for payments to holders within and outside the Depository Trust Company (DTC) system, as well as to CDI holders. The company has provided contact details for shareholder inquiries, underscoring the importance of clear communication during this transition. The delisting process will involve regulatory filings, including a Form 25-NSE with the SEC, marking MAC’s exit from public markets.
Strategic Implications for MAC and Harmony Gold
MAC Copper’s acquisition by Harmony Gold aligns with the latter’s strategy to expand its portfolio in metals critical to electrification and decarbonization. For MAC, this marks the end of its independent public company status and the beginning of integration into a larger mining entity. Investors will be watching closely to see how Harmony Gold leverages MAC’s assets and expertise in the evolving metals market.
Looking Ahead
As the scheme implementation unfolds, market participants will focus on the smooth execution of the transaction and the subsequent strategic moves by Harmony Gold. The transition period will be critical for shareholders to understand their entitlements and for the company to maintain transparency throughout the process.
Bottom Line?
With court approval secured, MAC Copper’s market exit is imminent, reshaping ownership and trading landscapes.
Questions in the middle?
- How will Harmony Gold integrate MAC Copper’s operations post-acquisition?
- What are the detailed financial terms and valuation metrics of the scheme?
- How will the delisting impact liquidity and shareholder value in the short term?