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Highlights

  • Over 90% of Spartan shareholders voted in favour of the proposed acquisition by Ramelius Resources.

  • Court approval is scheduled for 21 July 2025; Spartan shares expected to be suspended from 22 July.

  • Ramelius shares rose 2.97% to AUD 2.43 following the update on 14 July 2025.

Spartan Resources Limited (ASX:SPR) has announced that its shareholders have overwhelmingly approved the proposed acquisition by Ramelius Resources Limited (ASX:RMS), clearing a key hurdle for the AUD 0.25 cash and 0.6957 new Ramelius shares per Spartan share transaction. The deal, structured as a scheme of arrangement, is now pending final approval from the Supreme Court of Western Australia.

At the Scheme Meeting held earlier today, 90.3% of eligible Spartan shareholders who participated in the vote supported the resolution, either in person, online, or via proxy. This represented 96.3% of the total votes cast in favour of the Scheme Resolution. The outcome satisfies the statutory requirements under the Corporations Act 2001 (Cth) and ASX Listing Rules to progress with the transaction.

The final legal step in the process is a second court hearing scheduled for 10.00am AWST on Monday, 21 July 2025. Subject to court approval, Spartan intends to lodge the orders with the Australian Securities and Investments Commission the following day, Tuesday, 22 July 2025. At that time, the Scheme will become legally effective.

Following the effective date, Spartan shares are expected to be suspended from trading on the ASX at the close of trade on 22 July 2025. The Scheme Record Date is set for 5.00pm AWST on Thursday, 24 July 2025, with the transaction expected to be implemented on Thursday, 31 July 2025. Eligible shareholders on the register as of the record date will receive the agreed consideration—AUD 0.25 in cash and 0.6957 Ramelius shares for each Spartan share held.

The transaction, initially announced via a transaction booklet on 4 June 2025, includes a fall-back conditional off-market takeover offer in case the scheme fails to proceed. However, with shareholder approval secured, the scheme pathway remains the preferred route for completion.

Ramelius Resources shares responded positively to the development, trading 2.97% higher at AUD 2.43 per share on 14 July 2025.

Spartan’s update also noted the deadline for unmarketable parcel shareholders to submit Opt-In Notices and Withdrawal Forms for the scheme is 21 July 2025, coinciding with the date of the court hearing.

Pending final court confirmation, the transaction is now on track to be completed by the end of July.