Magnetic Resources Says Western Australia Supreme Court Approves Acquisition by Genesis Minerals; Genesis Shares Fall 4%

MT Newswires Live06-09 12:41

Magnetic Resources (ASX:MAU) said the Supreme Court of Western Australia made orders approving the scheme of arrangement, under which Genesis Minerals (ASX:GMD) will acquire 100% of the shares in Magnetic, according to a Tuesday Australian bourse filing.

Magnetic plans to lodge a copy of the court's orders with the Australian Securities and Investments Commission on Wednesday, at which time the scheme will become effective, per the filing. It expects that ASX will suspend its ordinary shares and its contributing shares from trading on the ASX with effect from the close of trading on Wednesday.

Magnetic's shares fell nearly 2% in recent trading on Tuesday, while those of Genesis tumbled past 4%.

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