Astral Resources NL has initiated compulsory acquisition proceedings for the remaining shares in Maximus Resources Ltd, having surpassed the 90% ownership threshold required under the Corporations Act 2001 (Cth).
Off-market takeover bid
This follows Astral’s off-market takeover bid launched on February 3, as varied on March 7 and 21.
As at 28 March 2025, Astral holds a relevant interest in more than 90% of Maximus’ ordinary shares and has acquired over 75% of the shares offered under its bid.
This entitles Astral to compulsorily acquire the remaining shares it does not yet own, under section 661B of the Corporations Act.
The compulsory acquisition will proceed on the same terms as the original offer.
Shareholders who have not yet accepted the offer may still do so before the offer closes at 7:00pm AEDT on Friday, April 4, to receive accelerated consideration.
Maximus listing to be removed
Under ASX Listing Rule 17.4, Maximus shares will be suspended from quotation five business days after the compulsory acquisition notice, which was lodged with the Australian Securities and Investments Commission (ASIC) on 31 March 2025.
Maximus will subsequently be removed from the official list of the ASX.
Once the compulsory acquisition is completed, Astral will transfer the consideration to Maximus, and remaining shareholders will be able to claim their entitlement directly from the company.