Supreme Court Approves African Gold’s Schemes, Shares Suspended from ASX
African Gold Ltd’s takeover by Montage Gold Corp moves a step closer as the Supreme Court of Western Australia approves its Share and Option Schemes, triggering suspension of trading and setting key dates for implementation.
- Supreme Court approves Share and Option Schemes
- Shares suspended on ASX from 20 April 2026
- Record date set for 22 April 2026
- Implementation date scheduled for 29 April 2026
- Schemes lodged with ASIC and now effective
Schemes Gain Legal Force and Trading Halt Imminent
African Gold Ltd (ASX:A1G) has reached a critical milestone in its acquisition by Montage Gold Corp, with the Supreme Court of Western Australia formally approving the company’s Share Scheme and Option Scheme. The court orders were lodged with ASIC on 20 April 2026, making the schemes effective immediately and triggering an end to African Gold’s ASX trading from the close of market on the same day.
This legal approval follows a near-unanimous shareholder endorsement earlier in April, cementing the path for Montage Gold’s takeover. The court’s endorsement also exempts African Gold from certain compliance provisions under the Corporations Act, smoothing the transition process. The approval is a key regulatory hurdle cleared, enabling Montage to rely on the schemes for prospectus exemptions under Canadian securities laws.
Key Dates Set for Finalising the Takeover
With the schemes now effective, attention turns to the timetable ahead. The record date is set for 5pm AWST on 22 April 2026, which will determine shareholders’ entitlements to the scheme consideration. Following that, the implementation date is scheduled for 29 April 2026, when African Gold shares will be transferred to Montage and scheme options cancelled in exchange for the agreed consideration.
These dates are pivotal for shareholders and optionholders, as they mark the formal handover of ownership and the end of African Gold as a standalone listed entity. The company has flagged that any changes to this timetable will be promptly announced, but for now, the takeover appears on track for completion by the end of April.
US Investor Restrictions and Regulatory Nuances
The announcement also highlights that the new Montage shares to be issued under the scheme will not be registered under US securities laws, restricting their transfer within the United States. This reflects the cross-jurisdictional complexity of the deal, which involves compliance with Australian and Canadian regulatory frameworks, and specific exemptions under the US Exchange Act.
Montage Gold’s reliance on the court-approved schemes for prospectus exemptions under Canadian National Instrument 45-106 underscores the careful navigation of multiple legal regimes. African Gold’s CEO Adam Oehlman authorised the release, signalling confidence in the orderly progression of the transaction.
This development follows the company’s recent African Gold Gains Supreme Court Backing for Montage Takeover Schemes, which detailed the court’s approval and the expected timeline, providing shareholders with clarity on the final steps toward Montage’s acquisition.
Bottom Line?
The court’s approval clears a major hurdle, but investors should watch the record and implementation dates closely for any changes that could affect the timing or terms of the takeover.
Questions in the middle?
- Will Montage Gold’s integration plans for African Gold become clearer post-implementation?
- Could any last-minute regulatory or shareholder challenges delay the scheduled implementation date?
- How will the suspension and eventual delisting impact African Gold’s liquidity and shareholder value in the short term?
