Hammer Metals Ltd. shareholders have overwhelmingly voted to approve the proposed acquisition of the company by Austral Resources Australia Ltd, with 99.8 per cent of total votes in favour of the resolution.
Austral Resources Chairman David Newling expressed gratitude to shareholders for their strong backing, noting that the outcome marks a pivotal milestone in unifying complementary copper resources, exploration tenements, and processing infrastructure across North West Queensland.
“The strong level of shareholder support reinforces our confidence that this transaction will accelerate the delivery of our strategy and strengthen our position as we build Australia’s next mid-tier copper powerhouse,” he added.
Austral Resources beat out Larvotto Resources to take over Hammer, with Hammer’s board backing Austral’s proposal. The combined group creates an enlarged Queensland-focused copper producer with regional resource and exploration scale.
With the shareholder vote successfully cleared, the transaction remains subject to final court approval and the satisfaction or waiver of remaining conditions precedent. Hammer Metals will seek formal approval from the Federal Court of Australia during a hearing scheduled for 13 November.
If judicial approval is granted, the scheme is expected to become effective on 16 November, which would also mark the final day of trading for Hammer Metals shares on the ASX.
Under the indicative timetable, new Austral Resources shares are slated to commence trading on a deferred settlement basis on 17 November, ahead of the record date on 18 November.
Final implementation of the scheme is anticipated for 25 November, with normal settlement trading for new shares beginning the following day.
