Loyal Metals has sent its Scheme Booklet to shareholders detailing the proposed A$0.45 per share acquisition by PT Bumi Resources, setting the stage for a shareholder vote on 20 August 2026.
- Scheme Booklet dispatched to Loyal Metals shareholders
- Proposed acquisition by PT Bumi Resources at A$0.45 per share
- Shareholder meeting scheduled for 20 August 2026
- Hybrid meeting format with in-person and virtual attendance options
- Key scheme dates subject to court and regulatory approvals
Scheme Booklet Dispatch Marks Key Step in PT Bumi Takeover
Loyal Metals Limited (ASX:LLM) has taken a major procedural step in its proposed acquisition by Indonesia’s PT Bumi Resources TBK with the dispatch of the Scheme Booklet to shareholders on 15 July 2026. The booklet outlines the details of the scheme of arrangement under which PT Bumi, or its wholly owned subsidiary, will acquire 100% of Loyal’s shares for A$0.45 each in cash.
This dispatch follows the Supreme Court of Western Australia’s approval to send the booklet and convene the shareholder meeting, as well as the registration of the booklet with the Australian Securities and Investments Commission (ASIC). The scheme values Loyal Metals at approximately A$79.1 million, reflecting an all-cash offer that has received unanimous backing from the Loyal board.
Shareholder Meeting Scheduled for 20 August with Hybrid Access
The Scheme Meeting, where Loyal shareholders will vote on the proposed acquisition, is set for 10:00am AWST on Thursday, 20 August 2026. Shareholders can participate either in person at the offices of legal advisors Steinepreis Paganin in Perth or virtually through Automic’s online investor portal. Eligibility to vote will be determined based on the share register as of 5:00pm AWST on 18 August.
Proxy forms and personalised voting instructions have been distributed alongside the Scheme Booklet, with shareholders able to submit proxies by 10:00am AWST on 18 August. The hybrid meeting format reflects growing acceptance of virtual participation in corporate governance, allowing broader shareholder engagement.
Indicative Timetable Hinges on Court and Regulatory Approvals
Following the shareholder vote, the scheme requires a second court hearing scheduled for 24 August 2026, after which the court order is expected to be lodged with ASIC on 25 August. The record date for the scheme is 28 August, with implementation anticipated on 4 September 2026. These dates remain indicative and subject to conditions precedent and approvals outlined in the Scheme Booklet.
Shareholders are urged to carefully review the Scheme Booklet and seek professional advice if uncertain about voting. The booklet is accessible online and available in hard copy on request, ensuring transparency ahead of the vote.
Legal and Advisory Support
Steinepreis Paganin continues to act as legal advisors to Loyal Metals throughout the scheme process. Managing Director Adam Ritchie remains the key contact for shareholder inquiries, highlighting the company’s commitment to clear communication during this critical phase.
Bottom Line?
The dispatch of the Scheme Booklet moves Loyal Metals closer to a decisive shareholder vote, but timing and outcome remain contingent on court and regulatory processes.
Questions in the middle?
- Will shareholder turnout and proxy votes align with the board’s unanimous recommendation?
- Could any court or regulatory delays push back the indicative timetable?
- How might PT Bumi Resources integrate Loyal’s assets post-acquisition?