$539.6 million cash and 803.3 million Genesis shares indicated

Cash Elections Face a Partial Scaleback

Vault Minerals Limited (ASX:VAU) has confirmed that shareholders seeking the maximum cash component of the proposed Genesis Minerals takeover will receive a mixture of cash and Genesis shares, rather than the full cash allocation they elected. The corresponding scrip scaleback will not apply to shareholders who elected the maximum scrip consideration.

The indicative outcome covers 21,679 electing shareholders and 1.053 billion Vault shares. On current calculations, the scheme would deliver approximately $539.6 million in cash and 803.3 million new Genesis shares in total, using a Genesis reference share price of $6.47.

Indicative Consideration Varies by Election

The largest group is made up of 20,750 shareholders whose holdings fall under the default consideration. Across 1.037 billion shares, Vault estimates an average outcome of 0.7629 new Genesis shares and $0.5125 cash per Vault share. That default consideration is not subject to either scaleback mechanism.

By contrast, 148 shareholders elected maximum cash for 2.7 million shares. Their current average outcome is estimated at $2.9282 cash and 0.3896 Genesis shares per Vault share, illustrating the effect of the cash scaleback. The 781 shareholders who elected maximum scrip, covering 12.7 million shares, are currently expected to receive 0.8421 Genesis shares per Vault share without a scrip scaleback.

The election update arrives as shareholders prepare to decide on the expert-backed Genesis deal, with Vault’s board continuing to recommend the transaction in the absence of a superior proposal and provided the independent expert maintains its favourable conclusion.

Final Numbers Await the Record Date

These figures are not yet final. Trading in Vault shares can continue until the close of trading on the Effective Date, and changes in shareholder holdings, new shareholders entering the register and the final number of ineligible foreign shareholders can all alter the result. Performance rights that vest and convert into Vault shares may also affect the final calculations.

The decisive near-term milestone is the Scheme Meeting on 11 November 2026. If the scheme proceeds, Vault expects the Record Date to fall on 19 November, after which the final election mix and any applicable scaleback will be determined. The cash component may also be adjusted if implementation is delayed under the dividend adjustment mechanism.