Horizon Minerals Ltd (ASX:HRZ) has cleared another hurdle in its proposed merger with Greenstone Resources Ltd (ASX:GSR) after the Supreme Court of Western Australia today made orders approving the schemes of arrangement.
As a result, Horizon will acquire all of Greenstone’s shares and listed options through a scheme of arrangement under the Corporations Act 2001 as announced on February 13, 2024.
Lodgement expected tomorrow
The schemes will become legally effective following lodgement of the Court orders with the Australian Securities and Investments Commission (ASIC) and this is expected to occur by Thursday, June 6, 2024.
Once this occurs, it is expected that Greenstone’s shares and listed options will be suspended from trading on the ASX at the close of trading on June 6.
A number of hurdles have been jumped on the journey since February 13.
READ: Horizon and Greenstone merger advances with security holder approval
The Supreme Court of Western Australia directed Greenstone to hold meetings for its shareholders and listed optionholders to vote on the merger.
These meetings took place last Friday and the resolutions were overwhelmingly approved. More than 85% of those present voted in favour of the merger, with 96.88% of the total votes supporting the resolution.
At the optionholder meeting, 94.87% of those present voted in favour, with 99.14% of the total votes supporting the merger.
One more step
This was followed by today’s Supreme Court of WA decision and an Independent Expert must now confirm that the merger is in the best interests of Greenstone security holders.
If all conditions are met, the merger is expected to be completed around June 18.