Yesterday, Australian Strategic Materials Ltd (ASX: ASM) announced that its members’ and options schemes have now become effective, paving the way for the complete acquisition of ASM by Energy Fuels Inc. (NYSE: UUUU). Key details include all ASM shareholders receiving either New Energy Fuels shares or CDIs and a cash component of 13 cents per share.
What did Australian Strategic Materials report?
- The schemes of arrangement to acquire 100% of ASM shares and options are now effective.
- ASM shareholders will receive 0.053 New Energy Fuels CDIs (or shares) and $0.13 cash per ASM share held on record date.
- ASM optionholders will receive $0.50 cash per option held on record date.
- ASM securities will be suspended from ASX trading at the close of 19 August 2026.
- Key implementation dates begin from 19 August, with payment expected on 28 August 2026.
What else do investors need to know?
The Federal Court of Australia has approved both the Share Scheme and Option Scheme, fulfilling the major remaining condition. The company has lodged the court order with ASIC, making the transaction legally binding.
Holders of ASM shares and options on the relevant record dates will automatically receive their consideration. For ineligible foreign shareholders, the New Energy Fuels shares will be sold on their behalf, with proceeds distributed accordingly.
ASM securities will be removed from official ASX quotation on 31 August 2026. From this point, former ASM investors will become shareholders or CDI holders in Energy Fuels Inc., a dual-listed company trading in both Australia and North America.
What’s next for Australian Strategic Materials?
ASM will progress with the implementation of the schemes, transitioning shareholders to New Energy Fuels ownership. Key trading and payment milestones are scheduled between 19 August and early September, finalising the delisting of ASM.
Looking ahead, future value for ASM’s former shareholders will track alongside Energy Fuels, which is focused on scaling critical materials production with newly acquired Australian assets.
Australian Strategic Materials share price snapshot
Over the past 12 months, ASM shares have risen 109%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
The post Australian Strategic Materials confirms scheme effectiveness as takeover completes appeared first on The Motley Fool Australia.
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More reading
- Australian Strategic Materials: Federal Court approves Energy Fuels takeover
- ASM shareholders back Energy Fuels acquisition in decisive Scheme Meetings
Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.