Hartshead Updates Indicative Timetable with NSTA Approval for June Shareholder Vote

Regulatory Green Light Secured from NSTA

Hartshead Resources (ASX:HHR) has obtained the crucial written consent from the North Sea Transition Authority (NSTA) to proceed with its proposed acquisition by ACAM GP Limited. This regulatory nod, mandated under the UK Petroleum Act 1998, comes with a condition that the scheme of arrangement must be implemented no later than 7 July 2026. The timing aligns with the company’s revised schedule and removes a significant hurdle for the deal’s completion.

Revised Timetable Pushes Key Dates into Mid-2026

The updated indicative timetable now sets the first court hearing for 29 April 2026, with the dispatch of the Scheme Booklet and the Independent Expert’s Report by BDO Corporate Finance Australia expected in early May. Shareholders will then vote on the scheme at a meeting planned for early June, followed by a second court hearing and the scheme’s effective date in mid-June. The implementation date is anticipated for late June, comfortably ahead of the NSTA’s 7 July deadline.

This adjustment marks a delay from the earlier timeline that envisaged shareholder and court milestones occurring between March and May 2026. The revised schedule reflects the complexities of navigating regulatory approvals and shareholder engagement for a transaction valued at approximately A$40 million, which previously offered shareholders a 133% premium over the last close price. The scheme’s progress and timing remain subject to court approvals and shareholder votes, underscoring the tentative nature of the timetable.

Implications for Shareholders and Market Participants

Shareholders will receive the Scheme Booklet detailing the acquisition terms and an Independent Expert’s Report assessing the fairness and reasonableness of the offer. The report, prepared by BDO Corporate Finance Australia, will be pivotal in informing shareholder decisions ahead of the June meeting. The acquisition, which transfers 100% of Hartshead’s issued share capital to ACAM, aims to advance development of the P2607 gas fields in the UK Southern Gas Basin, a project that has attracted regulatory and partner support but carries inherent development risks.

These developments follow the company’s earlier announcement of the binding Scheme Implementation Deed with ACAM in December 2025 and the subsequent update in February 2026 that also revised the acquisition timeline. The current update further clarifies the path to completion and regulatory compliance, providing a clearer framework for investors monitoring the deal’s progress.