Supreme Court of New South Wales approves controversial scheme with Southern Cross Gold Ltd
- The Supreme Court of New South Wales approved the acquisition scheme.
- Southern Cross Gold Consolidated Ltd will acquire 100% of Southern Cross Gold Ltd shares not already owned.
- The approval facilitates the planned integration of both companies.
In Australia, the Supreme Court of New South Wales granted approval on January 14, 2025, for the scheme of arrangement involving Southern Cross Gold Consolidated Ltd. This decision allows Southern Cross Gold Consolidated to acquire all outstanding shares in Southern Cross Gold Ltd that it does not already own. The Court's approval is significant as it marks a crucial step towards the completion of the acquisition and supports Southern Cross Gold Consolidated's strategy to enhance its market position. Following the Court's ruling, Southern Cross Gold Ltd intends to lodge the Court's orders with the Australian Securities and Investments Commission to make the scheme effective. This procedural step is critical as it establishes the legal framework required for the share acquisition. Furthermore, as of tomorrow, the company plans to suspend the quotation of Southern Cross Gold shares on the Australian Securities Exchange, indicating a transition towards the integration of the two firms. The timing of the trading resumption under the new ticker symbol