Toro Energy Acquisition Scheme Approved, Shares to Suspend June 16

Federal Court Approval Clears Major Acquisition Hurdle

The Federal Court of Australia has formally approved the scheme of arrangement under which Iso Australia Operations, a subsidiary of IsoEnergy Ltd, will acquire 100% of Toro Energy Ltd (ASX:TOE). This judicial endorsement marks a critical milestone in the takeover process, paving the way for the scheme to become effective once Toro lodges the court orders with ASIC, anticipated on 16 June 2026.

Toro Shares to Suspend Trading Ahead of Delisting

Following the court's approval, Toro Energy has requested that its shares be suspended from trading on the ASX at the close of business on 16 June. This suspension signals the winding down of Toro as a standalone listed entity, with the record date for the scheme set for 18 June 2026. Shareholders registered by this date will be entitled to the scheme consideration as outlined in the acquisition terms.

Implementation Scheduled for Late June

The acquisition is expected to be implemented on 25 June 2026, when IsoEnergy will officially take ownership of Toro. While this announcement does not disclose financial terms or strategic plans post-acquisition, the smooth regulatory progress suggests a clear path to completion. Toro’s executive chairman, Richard Homsany, authorised the release, underscoring the company's commitment to keeping shareholders informed during this transition.

Next Steps for Shareholders and Market Participants

Shareholders still have until 5.00pm AWST on 16 June to submit opt-in or withdrawal notices if eligible as small shareholders. Beyond this procedural window, the focus shifts to the finalisation of the scheme and the subsequent integration of Toro’s uranium assets into IsoEnergy’s portfolio. Investors should monitor ASX announcements closely for any timetable adjustments or further details on the post-acquisition strategy.