Central Asia Metals wins court approval for Cygnus takeover
Central Asia Metals says the Western Australian Supreme Court has approved its all-share takeover of Cygnus Metals. The deal takes effect tomorrow and shares are issued on the 27th of October, but the stock has barely moved.
Central Asia Metals (LSE: CAML) said the Supreme Court of Western Australia has approved the scheme under which it will buy all of Cygnus Metals in an all-share deal. The AIM-listed copper and zinc producer announced the court approval at 10:48am today, and its shares were little changed.
The shares stood at 151.00p at 12:06pm today, on a delayed quote, against yesterday’s close of 151.6p, a fall of 0.4%. They opened at 147.4p, before the announcement, so the day’s range cannot be read as a reaction to the news.
Central Asia Metals said the court had approved the scheme of arrangement, a court-approved takeover route that needs shareholder votes. The deal was first announced on the 2nd of June. Cygnus intends to lodge the court’s orders with ASIC, the Australian corporate regulator, tomorrow, when the scheme becomes effective.
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Cygnus shareholders receive the scheme consideration on the Implementation Date, the day shares are issued and the deal completes, which is the 27th of October. Central Asia Metals runs the Kounrad copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia.
The prize is Cygnus’ Chibougamau copper-gold project in Quebec. Cygnus shareholders voted in favour on the 18th of September, and Central Asia Metals shareholders approved the share issue on the 4th of September. The Toronto Stock Exchange gave conditional approval on the 1st of September, with final approval subject to completion.
On the 21st of September Cygnus said it would ask the court to defer the hearing because Kazakhstan approval was outstanding. Today’s announcement does not confirm that approval. It also gives no exchange ratio or share count, so the dilution cannot be sized.
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Central Asia Metals shares closed at 151.60p on 13 October 2026, well below their 26 August 2026 peak close of 181.80p. The chart ends yesterday, before the court approval.
We are delighted to reach this important milestone in the Cygnus Transaction, which marks the final hurdle before we add Cygnus’ Chibougamau copper-gold project in Québec to our portfolio.
Gavin Ferrar, Chief Executive Officer, Central Asia Metals PLC
The next dates: the scheme becomes effective tomorrow, and new Central Asia Metals shares go to Cygnus holders on the 27th of October, subject to the scheme becoming effective.
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