Loyal Metals has secured court approval for its acquisition by PT Bumi Resources, setting the stage for trading suspension and scheme implementation in early September.
- Supreme Court approves scheme of arrangement
- Trading suspension of Loyal shares from 25 August
- Record date set for 28 August entitlements
- Scheme implementation and share transfer on 4 September
- Official quotation ends by 7 September
Court Approval Clears Major Legal Hurdle
The Supreme Court of Western Australia has officially approved the scheme of arrangement under which PT Bumi Resources TBK will acquire 100% of Loyal Metals Limited (ASX:LLM). This judicial endorsement, granted on 24 August 2026, marks a critical milestone enabling the acquisition to proceed towards completion.
The court's orders, made under section 411 of the Corporations Act 2001 (Cth), confirm the legality of the scheme and exempt Loyal from certain compliance requirements. The court also authorised the lodgement of these orders with the Australian Securities and Investments Commission (ASIC) on 25 August, triggering subsequent procedural steps.
Trading Suspension and Shareholder Entitlements Timeline
Following the lodgement of court orders with ASIC, Loyal shares are expected to be suspended from trading on the ASX by close of business on 25 August 2026. This suspension reflects the transition phase ahead of the scheme's implementation and the cessation of Loyal as a standalone listed entity.
The record date for determining shareholder entitlements to the scheme consideration is set for 28 August. Shareholders registered by this date will be eligible for the consideration outlined in the acquisition terms.
Scheme Implementation and Delisting
The formal implementation date is scheduled for 4 September 2026. On this day, all Loyal shares will be transferred to Bumi Resources Australia Pty Ltd, a wholly owned subsidiary of PT Bumi Resources, and the scheme consideration will be paid to shareholders.
Subsequently, Loyal Metals’ official quotation on the ASX will terminate at 5:00pm AWST on 7 September 2026, or as otherwise determined by the exchange. This final step will conclude Loyal’s status as a publicly traded company.
Next Steps and Market Implications
While the announced dates are indicative and subject to change, the court approval solidifies the legal foundation for the takeover. Investors should anticipate the suspension of trading imminently and monitor for updates regarding the scheme’s implementation and any further court directions.
The acquisition follows Loyal’s recent completion of the Highway Reward Copper-Gold Project acquisition, positioning the company for integration into PT Bumi’s portfolio. The orderly progression of regulatory and shareholder approvals has paved the way for this final judicial endorsement.
Bottom Line?
With court approval secured, Loyal Metals’ takeover by PT Bumi is set to reshape its market presence within weeks.
Questions in the middle?
- Will the scheme implementation proceed smoothly without further court interventions?
- How will PT Bumi integrate Loyal’s recently acquired Highway Reward assets?
- What impact will the delisting have on Loyal’s existing shareholders and liquidity?