Peel Mining Limited (ASX: PEX), an Australian exploration and development company focused on precious and base metal assets, has announced Supreme Court of New South Wales approval to convene a Scheme Meeting and distribute its Scheme Booklet. This key development, dated 5 May 2026, advances the proposed scheme of arrangement where Aeris Resources Limited (ASX: AIS) intends to acquire 100% of Peel’s issued shares.
Integral to this transaction is an inter-conditional demerger of Peel’s wholly-owned subsidiary, Spectre Metals Limited. Via an equal capital reduction, Spectre shares will be distributed pro rata to Peel shareholders. Spectre Metals will retain Peel’s remaining precious and base metal assets in the Cobar Basin, including the Southern Nights Complex, alongside its cash (net of transaction costs), leadership, and strategy. Both the demerger and the scheme are mutually dependent, requiring both to proceed unless relevant conditions are waived.
The Scheme Meeting for Peel shareholders to vote is set for 10:30 am (Sydney time) on Monday, 15 June 2026. The comprehensive Scheme Booklet, incorporating an independent expert report by Grant Thornton Australia, will be released to the ASX after ASIC registration. Shareholders are expected to receive copies, including notices for both the Scheme and Demerger Meetings and proxy forms, around 12 May 2026. The Demerger Meeting will be held concurrently at 10:00 am.
The Peel Board unanimously recommends shareholders vote in favour of both the Scheme and Demerger, provided no superior proposal emerges and the independent expert maintains the scheme is in shareholders’ best interests. Board members intend to vote their relevant interests accordingly. Perth Capital and its associates, controlling a 16.1% interest in Peel, also confirmed their intention to vote in favour, subject to the same conditions. Shareholders are urged to review the entire Scheme Booklet before deciding.
