Loyal Metals Sets 24 August Court Date for PT Bumi Scheme Approval

Second Court Hearing Scheduled Amid Final Scheme Steps

Loyal Metals Limited (ASX:LLM) is moving closer to finalising its A$79.1 million acquisition by PT Bumi Resources TBK, with the Supreme Court of Western Australia set to hear its application for scheme approval on 24 August 2026. This hearing follows a shareholder meeting on 20 August, where Loyal shareholders will vote on the proposed takeover at A$0.45 per share.

The scheme remains contingent on several conditions, but Loyal reports that key regulatory and contractual milestones are on track. Notably, the Federal Treasurer has cleared the deal under the Foreign Acquisitions and Takeovers Act, removing a significant regulatory hurdle.

Highway Project Acquisition Nears Completion

One of the critical conditions is the acquisition of the Highway and Big Magpie Project tenements, which ministerial approval has now greenlit. Completion of this acquisition, governed by a Sale and Purchase Agreement with Thalanga Copper Mines and BML Holdings, is expected on 21 August 2026, just days before the court hearing. The company also expects to receive necessary consents from the vendors under the associated royalty deed by this date.

Should there be any delay in these final steps, Loyal has flagged the possibility of postponing the court hearing, underscoring the tight timeline and interdependence of these conditions.

Convertible Securities and Expert Endorsement

Loyal has also resolved outstanding securities issues, with all in-the-money options exercised and converted into shares. Agreements are in place for performance shares and rights to convert before the scheme’s record date, ensuring all participants hold fully paid ordinary shares when the scheme becomes effective.

Adding investor confidence, the Independent Expert, RSM Corporate Australia, has reaffirmed that the scheme is fair and reasonable and in the best interests of shareholders, assuming no superior proposal emerges.

Next Steps and Potential Timing Risks

With the shareholder vote imminent and regulatory approvals largely secured, Loyal Metals is poised to complete the transaction swiftly. However, the company remains vigilant about potential delays in the Highway Project acquisition or vendor consents, which could push back the court hearing and, by extension, the scheme’s implementation.

Investors should watch for the shareholder meeting outcome on 20 August and any updates regarding the completion of the Highway acquisition and vendor consents expected by 21 August.