Forrestania Resources Lifts Stake in Zenith Minerals to 65.40% After Takeover Offer Acceptances

Manish Choudhary

09 November 2026 03:33 PM AEDT

Forrestania Resources Lifts Stake in Zenith Minerals to 65.40% After Takeover Offer Acceptances

Image Source: Krish Capital Pty Ltd

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Zenith Minerals Limited (ASX:ZNC) has received a notice of change of interests of substantial holder from Forrestania Resources Limited, disclosing that Forrestania increased its voting power in Zenith from 63.87% to 65.40% following acceptances received under its takeover offer between 5 and 6 November 2026.

Key Points

Forrestania Resources Limited's voting power in Zenith Minerals increased from 63.87% (414,501,660 shares) to 65.40% (424,428,998 shares).
The change occurred on 6 November 2026, with 9,927,338 fully paid ordinary shares acquired through acceptances of the takeover offer.
The takeover offer was made pursuant to a bidder's statement dated 9 June 2026 and any replacements or supplements to it.
Forrestania holds 366,114,993 shares via accepting Zenith shareholders and 58,314,005 shares as a direct holding.

Substantial Holder Notice Filed by Forrestania Resources

Forrestania Resources Limited (ACN 647 899 698) lodged a Form 604 notice of change of interests of substantial holder in Zenith Minerals Limited (ACN 119 397 938) on 9 November 2026, signed by Director David Geraghty. The notice discloses that a change in Forrestania's relevant interest occurred on 6 November 2026. The previous notice was given to Zenith on 5 November 2026 and was also dated 5 November 2026, reflecting the frequency of changes occurring under the ongoing takeover offer process.

Takeover Offer Acceptances Drive Share Acquisition

According to the filing, Forrestania acquired a relevant interest in 9,927,338 fully paid ordinary shares in Zenith between 5 and 6 November 2026 as a result of acceptances received under its takeover offer. The consideration given in relation to the change was described as being in accordance with the terms of the offer. Forrestania's relevant interest in those shares arises under sections 608(1)(a), 608(8), or 608(11) of the Corporations Act 2001 (Cth), with section 608(11) inserted pursuant to ASIC Corporations (Takeover Bids) Instrument 2023/683.

Breakdown of Forrestania's Present Relevant Interests

Following the change, Forrestania's total present relevant interest in Zenith Minerals comprises two components. The first is 366,114,993 fully paid ordinary shares held through Zenith shareholders who have accepted the takeover offer, with those shares subject to the terms of the offer. The second component is a direct holding of 58,314,005 fully paid ordinary shares registered in Forrestania's own name. Combined, these two components account for the total of 424,428,998 shares disclosed in the present notice, representing voting power of 65.40%.

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