Maximus Resources Ltd has made changes to its board of directors after Astral Resources NL acquired control of the company in its off-market takeover bid on the basis of one Astral share for every two Maximus shares.
On Monday, February 24, 2025, Astral announced that it had acquired control with more than 50% of Maximus shares and declared the offer unconditional.
Consequently, Maximus’ non-executive chair Martin Janes and non-executive director Graham McGarry have resigned as directors.
Appointments
Astral’s nominees Mark Connelly and Marc Ducler have been appointed to the Maximus board with Connelly to serve as non-executive chair and Ducler as a non-executive director while Tim Wither will remain as managing director.
“I would like to thank both Martin and Graham for their significant contributions to Maximus, especially Martin's support over the last five and half years, including his recent role as chair," Maximus managing director Tim Wither said.
"I extend my sincere thanks to both and wish them all the very best for future endeavours.”
Offer closes March 7
Maximus has urged all eligible shareholders to accept the recommended takeover offer from Astral if they have not already done so.
The offer is scheduled to close on Friday, March 7, 2025, and any shareholders who have not accepted the offer run the risk of being minority shareholders of Maximus with limited liquidity.