Silver Lake Resources Shareholders Approve Merger with Red 5

In a significant development, shareholders of Australian gold producer Silver Lake Resources have given the green light to a merger with domestic peer Red 5. This approval brings the companies closer to completing the deal through a scheme of arrangement, which involves Red 5 acquiring all shares of Silver Lake.

The next step involves seeking the court’s endorsement, with a hearing scheduled for June 6, 2024. If the court gives its approval at this second hearing, Silver Lake plans to make the scheme legally binding by registering the court’s orders with the Australian Securities and Investments Commission the following day.

Trading of Silver Lake shares on the Australian Securities Exchange (ASX) is expected to be suspended from the close of business on June 7, 2024, assuming the scheme receives court approval. This merger is a significant development in the Australian mining sector and is expected to have a significant impact on the companies involved.