Latest Compulsory Acquisition News

Zenith Minerals more than doubled its flagship Dulcie gold resource to 675,000 ounces in FY26, but the company’s next chapter is now tied to Forrestania Resources’ conditional takeover offer. The annual report also details Takeovers Panel intervention, ongoing drilling and a cash balance of $4.23 million.

The Takeovers Panel has upheld its finding of unacceptable circumstances in Forrestania Resources’ recommended takeover of Zenith Minerals, while requiring both companies to explain what happens if Forrestania falls short of full ownership. The extra disclosure puts listing status, processing access, governance and shareholder voting under sharper scrutiny.

Iris Cairns Property has lodged a formal, unconditional cash offer for the Reef Casino Trust units it does not already own, valuing the maximum transaction at about A$33.1 million. The bid gives remaining unitholders a 29.54% premium to the latest pre-offer closing price, but points towards tighter liquidity, possible delisting and lower future distributions.

Crimson Consulting has extended its A$0.73-a-share offer for Kip McGrath to 14 October and says it now has a path to control the company with just over half the register. The bidder says support and intentions represent 50.89% of shares, although part of that figure remains conditional.

Iris Cairns Property Trust has waived all remaining conditions on its $3.87 per unit takeover bid for Reef Casino Trust, securing 80.97% ownership and setting a firm 14 August close date.

Sena & Co, already holding 75.9% of 2 Cheap Cars, proposes a full takeover at NZ$0.80 per share, aiming to delist the company and compulsorily acquire remaining shares.

Forrestania Resources has secured 41.74% of Zenith Minerals shares in its ongoing takeover bid, urging shareholders to accept amid no competing offers and strategic regional moves.

Sena & Co Limited has launched a conditional full takeover offer for the remaining shares of 2 Cheap Cars Group Limited, aiming to increase its stake from 75.9% to at least 90%. The NZ$0.80 per share cash offer comes with plans to delist 2CC and maintain current operations.

Energy Resources of Australia faces extended uncertainty as Zentree Investments lodges an appeal against Rio Tinto’s compulsory acquisition, prolonging ERA’s delisting and share suspension.

Zenith Minerals has reaffirmed its board's unanimous recommendation for shareholders to accept Forrestania Resources' off-market takeover offer, which includes a premium valuation and follows Forrestania's recent $310 million capital raising and strategic acquisition of the Edna May Gold Hub.

Horizon Oil has lifted all but one condition from its off-market bid for Cue Energy, maintaining a controlling 52.46% stake while the final hurdle over prescribed occurrences remains unresolved.

Xingye Gold (Hong Kong) Mining Company Limited has opened an off-market takeover bid for Far East Gold Limited at $0.13 per share, offering a significant premium amid stalled projects and funding concerns.