UK court approves Dundee Precious Metals’ acquisition of Adriatic Metals

The High Court of Justice in England and Wales has officially approved Dundee Precious Metals’ (DPM) acquisition of Adriatic Metals. This significant development comes after DPM announced in June its plans to acquire all issued and to be issued ordinary shares of Adriatic Metals, a move that will see the Vareš silver-lead-zinc-gold mine in Bosnia and Herzegovina being part of DPM’s portfolio.

The transaction, valued at around $1.3bn (C$1.79bn), is expected to enhance DPM’s production capabilities and extend its mineral reserve life. Under the terms of the acquisition, shareholders of Adriatic Metals will receive 0.1590 of a DPM common share and 93p in cash for each Adriatic share. The deal is set to be finalized on 3 September 2025, pending the delivery of the court order to the Registrar of Companies.

Following the effective date, Adriatic Metals’ share certificates will become invalid, and entitlements to shares held in uncertificated form will be cancelled. Additionally, DPM has received approval for admission to the official list of the Australian Securities Exchange (ASX), subject to certain conditions. The official quotation of DPM’s CHESS Depositary Interests on the ASX is expected to be announced post-completion of the transaction.

Adriatic Metals is being advised by Herbert Smith Freehills Kramer on English and Australian law, while Stikeman Elliott is providing guidance on Canadian law. On the other hand, DPM is receiving legal counsel from Bryan Cave Leighton Paisner on English law, Cassels Brock & Blackwell on Canadian law, and Gilbert + Tobin on Australian law.

The approval of the acquisition by the UK court marks a significant milestone for Dundee Precious Metals and Adriatic Metals as they forge ahead with their strategic partnership. This article was originally published by Mining Technology, a GlobalData-owned brand, and serves as a valuable source of information for investors and industry stakeholders.

Please note that the information provided in this article is for general informational purposes only and should not be considered as professional advice. It is recommended to seek professional guidance before making any investment decisions based on the content provided.