Peel Mining Scheme Effective 22 June with Trading Suspension

Legal Approval Clears Path for Takeover

The Supreme Court of New South Wales has formally approved the scheme of arrangement under which Aeris Resources Limited (ASX:AIS) will acquire 100% of Peel Mining Limited (ASX:PEX). This judicial endorsement marks a critical milestone in a transaction that reshapes Peel’s corporate landscape and shareholder interests.

With court orders expected to be lodged with the Australian Securities and Investments Commission (ASIC) on 22 June 2026, the scheme will become legally effective that day. Concurrently, Peel shares will be suspended from trading on the ASX, signaling the end of Peel’s independent market presence.

Key Dates for Shareholders and Demerger

Shareholders registered as of 7:00pm Sydney time on 24 June 2026 will be entitled to receive the scheme consideration from Aeris, alongside a demerger distribution involving the transfer of Spectre Metals shares. The demerger, which spins off Peel’s polymetallic assets into a new ASX-listed entity, is scheduled for implementation on 30 June 2026.

The scheme consideration payment to shareholders is slated for 1 July 2026. For foreign shareholders ineligible to participate and small shareholders who do not elect to receive shares, the scheme consideration will be managed by a sale agent, ensuring orderly disposition of their entitlements.

Strategic Implications of the Deal

This acquisition follows Peel’s strategic divestment of its South Cobar Copper Project to Aeris, while simultaneously demerging Spectre Metals to unlock value in its zinc and polymetallic assets. The court’s approval and imminent scheme effectiveness cement a complex restructuring that offers shareholders exposure to both Aeris’s copper operations and Spectre’s exploration potential.

Investors should note the opt-in deadline for small shareholders to participate in the scheme is 5:00pm on 22 June 2026, just hours before the scheme’s legal effectiveness. The precise timing underscores the tight window for shareholder decisions amid the transition.

With the scheme now court-approved, market participants will be watching how the suspension of Peel shares and subsequent demerger unfold, potentially setting a precedent for similarly structured mining sector consolidations.