Adriatic Metals PLC (ASX:ADT) is set to delist from the ASX and LSE as Dundee Precious Metals Inc. (DPM) proposes to acquire the company through a Scheme of Arrangement. Adriatic Metals, a UK-based precious and base metals producer, focuses on developing the Vareš Silver Operation in Bosnia and Herzegovina. The Scheme, if implemented, would result in Adriatic Shareholders receiving 0.1590 New DPM Shares and 93 pence in cash for each Adriatic Share held.
The proposed acquisition values each Adriatic share at 268 pence, based on exchange rates as of June 11, 2025, representing a substantial premium to Adriatic’s closing price prior to the offer period. Dundee Precious Metals aims to create a stronger combined entity with enhanced financial flexibility. The transaction requires approval from Adriatic shareholders, the High Court of Justice in England and Wales, and regulatory bodies.
Adriatic Metals’ directors unanimously recommend shareholders vote in favour of the Scheme, with meetings scheduled for August 13, 2025, in London. Key details of the Scheme, including actions for shareholders and information about DPM shares, are outlined in the announcement. A Mix and Match Facility allows shareholders to elect for varied proportions of cash and shares.
DPM intends to apply for a Foreign Exempt Listing on the ASX, potentially allowing Adriatic CDI holders to receive DPM CDIs instead of DPM Common Shares. The Scheme remains conditional upon various factors, including shareholder and regulatory approvals, and is expected to be completed by the end of 2025.
