European Lithium has secured Supreme Court approval for its proposed share and option schemes with Critical Metals Corp., removing the central legal hurdle to the transaction. The deal is now expected to move from ASX trading to a NASDAQ-listed CRML structure in early November, subject to the court orders being lodged with ASIC.
- Western Australian Supreme Court approves both schemes
- ASIC lodgement due on 27 October 2026
- EUR trading expected to stop after 27 October
- Scheme consideration scheduled for 5 November
- New CRML shares expected to trade on NASDAQ on 6 November
Court approval removes the merger’s main legal hurdle
The Supreme Court of Western Australia has approved European Lithium Limited (ASX:EUR, FRA: PF8, OTC: EULIF) and Critical Metals Corp.’s (NASDAQ: CRML) proposed share and option schemes, moving the transaction into its implementation phase. The ruling follows the securityholder scheme vote, which was held earlier in October, and the 26 October court hearing, which had been scheduled as the next major approval step.
The orders cover the acquisition of all issued EUR shares and listed options through schemes of arrangement under the Corporations Act. The Court also granted EUR an exemption from a related notice requirement and recorded that EUR and CRML intend to rely on the approval to seek the section 3(a)(10) exemption from registration requirements under the US Securities Act for the issue of new CRML shares.
ASIC lodgement will determine when the schemes become effective
EUR intends to lodge an office copy of the Court orders with ASIC on Tuesday, 27 October. If that occurs, the schemes will become effective that day, with EUR requesting suspension of trading in its shares and options from the close of ASX trading.
That step is important because court approval alone does not complete the transaction. The announcement says the timetable remains indicative and may change, leaving ASIC lodgement and any subsequent ASX announcement as the immediate operational checkpoints.
EUR securities face suspension before November implementation
Under the current timetable, the record date for determining entitlements is 29 October, while scheme consideration is scheduled to be provided on 5 November. New CRML shares are expected to begin trading on NASDAQ on 6 November, the same day EUR is expected to be removed from the ASX Official List and the quotation of its shares and options to cease.
For EUR securityholders, the transaction is therefore approaching the point at which the familiar ASX-listed securities will no longer trade. The filing does not state the final number or value of securities to be issued as consideration, so the practical outcome will depend on the scheme terms and the implementation steps that follow.
Bottom Line?
The court has cleared the transaction, but the next decisive event is the 27 October ASIC lodgement that would make the schemes effective and trigger the final ASX trading phase.
Questions in the middle?
- Will EUR lodge the Court orders with ASIC on 27 October as planned?
- Will the indicative timetable for scheme consideration and NASDAQ trading remain unchanged?
- What final number and value of CRML shares will EUR securityholders receive at implementation?