Update - Blackstone & IDM Merger Becomes Effective
18 June 2025
Bezant Resources Plc
("Bezant" or the "Company")
Mankayan Project Update
Blackstone and IDM Merger Become Effective
Bezant (AIM: BZT), the copper-gold exploration and development company, announced on 6 February 2025 that ASX listed Blackstone Minerals Ltd ("Blackstone") had announced a proposed merger (the "Proposed IDM Merger") via a scheme of arrangement ("Scheme") with IDM International Limited ("IDM") through which the Company holds its interest in the Mankayan Copper Gold project in the Philippines ("Mankayan Project"). Blackstone have on 18 June 2025 released an announcement to advise that IDM has today lodged with the Australian and investments Commission ("ASIC") a copy of the orders of the Supreme Court of Western Australia approving the Scheme by which Blackstone will acquire 100% of the fully paid ordinary shares in IDM and that accordingly , pursuant to section 411 (10) of the Australian Corporations Act 2001 (Cth), the Scheme is now effective The key events and the expected timing in relation to the implementation and timing of the Scheme are set out in the indicative table below:
|
Event |
Date and time (AWST) |
|
Record Date |
5.00 p.m. , Friday 20 June 2025 |
|
Implementation Date |
Friday 27 June 2025 |
|
Normal trading of BSX shares commences |
8.00 a.m., Monday 30 June 2025 |
The above timetable is indicative only and the stated dates and times are subject to change
A copy of Blackstone's announcement of 18 June 2025 titled "Update: Blackstone Merger with IDM - Scheme of Arrangement Becomes Effective" which incorporates an announcement dated 18 June 2025 from IDM has been published on the ASX website at
https://announcements.asx.com.au/asxpdf/20250618/pdf/06kw13jwsfqkjp.pdf
Under the Proposed IDM Merger IDM shareholders will receive 7.4 Blackstone shares for every 1 (one) IDM share they hold.
When the Proposed IDM Merger is completed Bezant will receive 139,365,659 Blackstone shares and 2,543,750 options to acquire Blackstone shares at AUD0.06 expiring on 5 February 2029 for its IDM shares and IDM options. The Blackstone closing share price on 17 June 2025 according to the ASX website was AUD 9.1 cents (approximately 4.4 pence)
https://www.asx.com.au/markets/company/BSX
For further information, please contact:
|
Bezant Resources Plc Colin Bird Executive Chairman |
|
|
|
Beaumont Cornish (Nominated Adviser) |
|
|
|
Novum Securities Limited (Joint Broker) Jon Belliss |
+44 (0) 20 7399 9400 |
|
|
Shard Capital Partners LLP (Joint Broker) Damon Heath |
+44 (0) 20 7186 9952 |
or visit http://www.bezantresources.com
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
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