Supreme Court Approves Magnetic Scheme Meeting for 3 June Vote

Court Greenlights Shareholder Vote on Genesis Takeover

Magnetic Resources NL (ASX:MAU) has crossed a critical legal hurdle in its proposed acquisition by Genesis Minerals Limited (ASX:GMD), with the Supreme Court of Western Australia granting orders to convene a shareholder meeting. This meeting, set for 3 June 2026, will allow Magnetic shareholders to vote on the scheme of arrangement that would see Genesis acquire 100% of Magnetic’s shares.

The court’s approval enables Magnetic to dispatch an explanatory statement and the formal notice of meeting, collectively known as the Scheme Booklet, which is expected to be registered with ASIC and released publicly on 29 April 2026. The booklet will include an independent expert’s report assessing the merits of the scheme, a key document for shareholders weighing their vote.

Board Endorses Scheme Amid No Superior Proposal

Magnetic’s board has thrown its weight behind the deal, unanimously recommending shareholders vote in favour of the scheme, provided no superior proposal emerges and the independent expert maintains a positive conclusion. Each director also intends to vote their own shares in support. This backing comes after a series of strategic updates, including the company’s recent updated Mining Proposal for the Lady Julie Gold Project, which underpins the value Genesis sees in the acquisition.

The acquisition offer from Genesis, valued at approximately A$639 million, includes a mix of cash and new Genesis shares, representing a 25-35% premium to Magnetic’s recent trading price. Magnetic shareholders can elect to receive cash, shares, or a combination, adding flexibility to the deal structure.

Key Dates and Voting Logistics

The hybrid Scheme Meeting will be held both virtually and in-person at Perth’s St Georges Terrace, with voting entitlements fixed as of 1 June 2026. Shareholders are encouraged to lodge directed proxies well before the meeting, with proxy forms due by 9.30am AWST on 1 June. The timetable anticipates a second court hearing on 9 June to approve the scheme’s implementation, which would then take effect on 10 June.

Scheme shareholders are expected to receive the agreed cash consideration and Genesis shares by 22 June, with the Magnetic shares slated for delisting from the ASX on 23 June 2026. The orderly transition marks the culmination of a process that has been progressing steadily, highlighted by the recent lodgement of the draft Scheme Booklet earlier this month.

Shareholders Urged to Review Scheme Booklet Carefully

Magnetic has stressed the importance of shareholders reading the Scheme Booklet in full, including the independent expert’s analysis and the directors’ letter, before making any voting decisions. Independent legal, financial, and tax advice is recommended given the significance of the transaction and the options available under the scheme.

As the process unfolds, shareholders will be watching closely for any competing bids or changes to the timetable, though the current path points to a mid-year completion. The deal promises to reshape Magnetic’s future under Genesis’s ownership, while also delivering immediate value to shareholders who back the scheme.