PT Bumi Completes 100% Acquisition of Loyal Metals; ASX Delisting Pending
Loyal Metals has completed its takeover by PT Bumi Resources, with scheme consideration paid to shareholders and trading suspended ahead of imminent delisting from the ASX.
- Court-approved scheme implemented on 4 September 2026
- PT Bumi Resources acquires 100% of Loyal Metals shares
- Scheme consideration paid to shareholders as of 28 August record date
- Trading suspended on ASX since 25 August; delisting expected 7 September
- Legal and financial advisors confirmed for the transaction
Scheme Implementation Finalised
Loyal Metals Limited (ASX:LLM) has officially completed its acquisition by PT Bumi Resources TBK through the latter’s wholly owned subsidiary, Bumi Resources Australia Pty Ltd. The takeover was effected via a court-approved scheme of arrangement under the Corporations Act, which became implemented on 4 September 2026. This marks the culmination of a process that began with court approval in late August.
Shareholders Receive Scheme Consideration
Shareholders registered as of 5:00pm AWST on 28 August 2026 have been paid the scheme consideration in accordance with the agreed terms. While the announcement does not disclose the financial specifics of the consideration, it confirms that all entitlements have been settled following the record date. This payment effectively transfers ownership of all issued shares in Loyal Metals to PT Bumi Resources.
ASX Trading Suspension and Delisting
Trading in Loyal Metals shares was suspended on the ASX at the close of trading on 25 August 2026, ahead of the scheme’s implementation. The company has now applied for removal from the official list of the ASX, with delisting expected to take effect from 5:00pm AWST on 7 September 2026. This will end public trading of Loyal shares and remove the company from the exchange.
Advisory Roles and Project Ownership
Steinepreis Paganin acted as legal adviser to Loyal Metals and its subsidiary Highway Copper Gold Pty Ltd, which owns the Highway Copper Gold Project. Canaccord Genuity served as financial advisor to Loyal. The acquisition of the Highway Copper Gold Project was a critical asset underpinning Loyal’s value proposition ahead of the takeover.
Bottom Line?
With the scheme now implemented and Loyal Metals delisting imminent, attention will turn to how PT Bumi Resources integrates the Highway Copper Gold Project and manages its new Australian mining assets.
Questions in the middle?
- What are PT Bumi Resources’ immediate plans for the Highway Copper Gold Project post-acquisition?
- How will the delisting affect liquidity and value realisation for former Loyal Metals shareholders?
- Will PT Bumi Resources pursue further expansion or consolidation in the Australian mining sector following this acquisition?
