De Grey Mining Ltd (ASX: DEG) announced that its shareholders have overwhelmingly approved the proposed acquisition of 100% of the company’s shares by Northern Star Resources Ltd (ASX: NST) via a Court-approved scheme of arrangement. At the Scheme Meeting, 99.64% of votes cast were in favor, with 89.68% of De Grey shareholders present and voting also supporting the resolution. The next step is securing approval from the Federal Court of Australia at a hearing scheduled for April 22, 2025. If the Court approves the Scheme, De Grey intends to lodge the court orders with ASIC on April 23, 2025, making the Scheme effective on the same day. Subsequently, De Grey shares will be suspended from trading on the ASX from the close of trading on April 23, 2025.
Implementation of the Scheme is projected for May 5, 2025, pending satisfaction or waiver of all remaining conditions. Key upcoming dates include an Opt-In Notice Cut-Off Date of April 24, 2025, a Scheme Record Date of April 28, 2025, and the last day of deferred settlement trading of New Northern Star Shares on May 5, 2025. New Northern Star Shares are expected to commence trading on the ASX on May 6, 2025, with De Grey’s delisting from the ASX also occurring on May 6, 2025. Transaction confirmation statements for New Northern Star Shares will be dispatched on May 7, 2025.
