De Grey shareholders approve takeover by Northern Star
Shareholders of De Grey Mining have overwhelmingly approved the proposed acquisition of the company by ASX-listed gold major Northern Star Resources.
At a scheme meeting held on Wednesday, 99.64% of votes cast by shareholders supported the transaction, with 89.68% of participating shareholders voting in favour of the scheme of arrangement under which Northern Star will acquire 100% of De Grey.
De Grey will now seek final approval of the scheme at a hearing in the Federal Court of Australia on April 22. Subject to court approval, the scheme will become effective on April 23, with De Grey shares to be suspended from trading on the ASX at the close of that day.
Implementation of the scheme is scheduled for May 5, pending satisfaction of remaining conditions precedent.
The proposed combination will consolidate Northern Star’s footprint in the Pilbara region and unlock synergies between the Hemi gold project and existing infrastructure.
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