Court Approves Loyal Metals Acquisition, Scheme Consideration Due Early September
Loyal Metals Limited’s acquisition by PT Bumi Resources TBK has reached a key milestone with court approval now official, triggering suspension of Loyal shares on the ASX and setting the stage for scheme consideration payments in early September.
- Court approves scheme of arrangement for PT Bumi acquisition
- Loyal shares suspended from ASX trading effective 25 August
- Scheme consideration payment expected on 4 September
- Official quotation of Loyal shares ends by 7 September
- Legal and financial advisors disclosed for both parties
Scheme Approval Finalised by Supreme Court
Loyal Metals Limited (ASX:LLM) has confirmed that the Supreme Court of Western Australia has approved the scheme of arrangement for its acquisition by PT Bumi Resources TBK. The court orders were lodged with the Australian Securities and Investments Commission on 25 August 2026, marking the scheme as legally effective. This court approval was the final regulatory hurdle required to proceed with the acquisition announced in April 2026.
Trading Suspension and Shareholder Entitlements
Following the court’s green light, trading of Loyal shares on the ASX was suspended at the close of trading on 25 August. Shareholders registered as holding Loyal shares by 5:00pm AWST on 28 August will be entitled to receive the scheme consideration. The payment of this consideration is expected to take place on 4 September, coinciding with the transfer of all Loyal shares to Bumi Resources Australia Pty Ltd, a wholly owned subsidiary of PT Bumi.
Scheme Implementation and Delisting Timeline
The official quotation of Loyal shares is scheduled to terminate at 5:00pm AWST on 7 September 2026, or earlier if determined by the ASX. This effectively completes the transition of Loyal Metals from a publicly traded company to a wholly owned subsidiary of PT Bumi Resources. The timetable remains indicative and subject to change, with Loyal committed to updating shareholders on any material developments as the process unfolds.
Advisory Teams and Project Integration
Legal advice for Loyal Metals and its subsidiary Highway Copper Gold Pty Ltd was provided by Steinepreis Paganin, while Canaccord Genuity acted as financial advisor. On the other side, Thomsons provided legal counsel to PT Bumi Resources and its Australian subsidiary. This acquisition includes the Highway Copper Gold Project, which Loyal secured ahead of the takeover, positioning PT Bumi to expand its base metals portfolio in Western Australia.
Bottom Line?
With court approval secured and trading suspended, the focus now shifts to the smooth execution of scheme payments and the formal delisting of Loyal Metals in early September.
Questions in the middle?
- Will the scheme consideration payment proceed on schedule without delay?
- How will PT Bumi integrate the Highway Copper Gold Project into its operations post-acquisition?
- Could the suspension and delisting impact Loyal shareholders’ liquidity or strategic options before 7 September?
