CAML Shareholders Approve Acquisition of Cygnus Metals
News related to:Cygnus Metals Limited · 2 min read
Cygnus Metals Limited, an Australian-based critical minerals exploration and development company, has announced that shareholders of Central Asia Metals PLC (CAML) have approved the resolution for the acquisition of 100% of Cygnus's shares. This milestone marks a significant step in the proposed transaction, which is being structured as a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth).
The extraordinary general meeting of CAML, held on September 4, 2026, saw the passing of the resolution to allot the New CAML Shares pursuant to the proposed acquisition. This approval is a critical condition for the scheme to proceed, ensuring that CAML can now move forward with the acquisition process. However, the scheme remains subject to the satisfaction or waiver of other conditions, as detailed in the Scheme Implementation Deed.
Cygnus Metals Limited, with projects in Quebec, Canada, and Western Australia, is excited about the potential of this acquisition. The company states that the resolution's passing is a testament to the strategic value of the acquisition. Cygnus's directors, in the absence of a superior proposal, recommend that Cygnus shareholders vote in favor of the scheme.
Bell Potter has been engaged by Cygnus to assist eligible scheme shareholders with CREST accounts. CREST, a computerized share transfer and settlement system, is essential for the trading of New CAML Shares on AIM. Not all Australian stockbrokers can execute trades on AIM, so eligible shareholders who do not have access to a CREST-enabled account are encouraged to open one as soon as possible. This process can take several business days, and shareholders are advised to contact either Bell Potter or Morgans for assistance.
Cygnus advises that eligible shareholders should not incur transaction costs associated with opening new accounts or dematerializing their New CAML Shares into CREST for a period of 12 months from the implementation of the scheme. Shareholders who need assistance can reach out to Bell Potter at [email protected] or Morgans via their website or by contacting [email protected]. Cygnus will continue to provide updates on the progress of the scheme as required by its continuous disclosure obligations.