The schemes of arrangement for the merger between Horizon Minerals Ltd (ASX:HRZ) and Greenstone Resources Ltd (ASX:GSR) have today been implemented.
This follows the lodgement of orders of the Supreme Court of Western Australia with the Australian Securities and Investments Commission approving the proposed merger.
As a result, Horizon now holds 100% of the fully paid ordinary shares in Greenstone and 100% of the listed Greenstone options.
In accordance with the schemes, all eligible Greenstone securityholders have today been issued:
- Under the share scheme, 0.2868 new HRZ shares for every 1 GSR share held on the record date; and
- Under the option scheme, 0.2868 new HRZ options for every 1 GSR listed option held on the record date.
Trading in Greenstone securities on the Australian Securities Exchange (ASX) was suspended from close of trading on June 6, 2024.
Greenstone will now apply to the ASX for the termination of official quotation and removal from the official list of the ASX, which is expected to take effect from the close of business on June 18, 2024.
Director changes
Implementation of the schemes has resulted in a number of director changes for Horizon:
- Grant Haywood, the current chief executive officer (CEO) of Horizon, has been appointed as managing director of Horizon;
- Christopher Hansen has been appointed as a non-executive director of Horizon; and
- Peter Bilbe has resigned as a non-executive director of Horizon.
At Greenstone, Grant Haywood and Ashok Parekh have been appointed as new directors and Michael Edwards, Glenn Poole and James Croser have resigned as directors of Greenstone.
Julian Tambyrajah has been appointed as company secretary of Greenstone and Thomas O’Rourke has resigned as company secretary.