Court clears shareholder vote on Genesis Minerals’ takeover of Magnetic Resources

Genesis Minerals Limited ( (AU:GMD) ) just unveiled an update.

Genesis Minerals’ proposed acquisition of Magnetic Resources took a step forward after the Supreme Court of Western Australia approved the convening of a shareholder meeting and the distribution of an explanatory scheme booklet. The transaction, structured as a scheme of arrangement under the Corporations Act, would see Genesis acquire 100% of Magnetic’s shares, with Magnetic’s board unanimously recommending that investors vote in favour in the absence of a superior proposal.

Magnetic shareholders will vote on the scheme at a hybrid meeting in Perth on 3 June 2026, with those on the register as of 1 June eligible to participate in person, online or by proxy. If approved by the required majorities and the court, the deal would complete in late June, with shareholders receiving a mix of cash and new Genesis shares and Magnetic subsequently delisted from the ASX, consolidating Genesis’ position in the gold sector and altering the ownership profile for Magnetic’s investors.

The most recent analyst rating on (AU:GMD) stock is a Buy with a A$7.50 price target. To see the full list of analyst forecasts on Genesis Minerals Limited stock, see the AU:GMD Stock Forecast page.

More about Genesis Minerals Limited

Genesis Minerals Limited is an Australian gold company focused on acquiring and developing gold assets, with its shares listed on the ASX under the code GMD. Magnetic Resources NL, the target of Genesis’ proposed acquisition, is also ASX-listed and operates in the resources sector in Western Australia, positioning the deal within the country’s active mining and exploration industry.

Average Trading Volume: 5,465,332

Technical Sentiment Signal: Buy

Current Market Cap: A$7.22B

Learn more about GMD stock on TipRanks’ Stock Analysis page.