St Barbara Limited (ASX: SBM) announced that it has entered into a binding Scheme Implementation Deed with Genesis Minerals Limited (ASX: GMD), under which both companies will merge. The merger will form one of Australia’s foremost gold houses, with a long-life, high-quality asset base, and significant prospect for organic growth, to be newly named Hoover House Limited. The new entity would have a production target of +300kozpa, compared to St Barbara’s standalone FY23 production guidance of 145-160koz for Leonora with the actual year-to-date production of 56koz.
It is planned that Hoover House will be headquartered in Perth, Western Australia, with a new strategic plan and 5-year outlook to be announced to the market in September quarter 2023, after completion of this scheme. In conjunction with the Scheme, St Barbara is to undertake a demerger of Atlantic, Simberi, to be held in a company to be known as Phoenician Metals Limited, which expects to apply to list on the ASX.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
