Magnetic Resources Investors Approve Genesis Minerals Acquisition

MT Newswires Live

06/04

Magnetic Resources (ASX:MAU) said its shareholders approved the proposed scheme of arrangement under which Genesis Minerals (ASX:GMD) will acquire 100% of the company, according to an Australian bourse filing on Wednesday after market hours.

Nearly 97% of shareholders present and voting at the scheme meeting and almost 100% of the total votes cast were in favor, per the filing.

The company will seek final approval from the Supreme Court of Western Australia on June 9. If granted, the scheme is expected to take effect on June 10, with Australian Securities Exchange trading suspended from that date, and the scheme implemented on June 22, the filing added.

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