Magnetic Resources NL (ASX: MAU) today confirmed that its previously announced scheme of arrangement with Genesis Minerals Limited (ASX: GMD) has officially become effective. Magnetic Resources NL is a Perth-based mineral exploration and development company focused on identifying and progressing resource projects. The company provided this update following the lodgement of the Supreme Court of Western Australia’s orders, which formally approve the Scheme, with the Australian Securities and Investments Commission (ASIC). As a direct consequence, Magnetic Resources shares are anticipated to be suspended from trading on the ASX from the close of business today, Wednesday, 10 June 2026. This scheme will see Genesis Minerals Limited acquire 100% of all shares in Magnetic Resources.
Under the terms of the Scheme, Magnetic shareholders will receive the entitled Scheme Consideration on the designated Implementation Date, which is scheduled for Monday, 22 June 2026. The specific consideration received will be determined based on valid elections made by shareholders, where applicable, and will also be subject to any existing scaleback arrangements. Shareholder entitlements will be assessed for each Magnetic share held as of the Record Date. The critical Record Date for determining these entitlements has been firmly established as 5:00pm (AWST) on Monday, 15 June 2026.
This milestone follows the Court’s approval on 9 June 2026 and the subsequent lodgement of the Court Orders. The next key event in the timetable is the Implementation Date on 22 June. Following this, new Genesis shares, which will form part of the Scheme Consideration, are slated to commence trading on the ASX from Tuesday, 23 June 2026. The company advises that any potential changes to this schedule will be communicated via ASX announcements. This comprehensive update has been formally authorised for release by the board of Magnetic Resources NL.
