Recent Insider Transactions Derivative • Dec 03
Independent Non-Executive Chairman exercised options to buy AU$282k worth of stock. On the 29th of November, Mark Connelly exercised options to buy 3m shares at a strike price of around AU$0.092, costing a total of AU$276k. This transaction amounted to 600% of their direct individual holding at the time of the trade. Since June 2024, Mark has owned 500.00k shares directly. Company insiders have collectively bought AU$552k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Dec 03
Brightstar Resources Limited (ASX:BTR) completed the acquisition of Alto Metals Limited (ASX:AME) from Windsong Valley Pty. Ltd. and others. Brightstar Resources Limited (ASX:BTR) entered into Scheme Implementation Deed to acquire Alto Metals Limited (ASX:AME) from Windsong Valley Pty. Ltd. and others for AUD 43.3 million on August 1, 2024. Under the scheme Brightstar Resources will issue 4 shares for 1 share of Alto Metals. In case of termination of transaction, Brightstar Resources Limited will pay a termination fee of AUD 0.88 million and Alto Metals will pay a termination fee of AUD 0.44 million. The transaction is subject to approval by regulatory board / committee, approval of offer by target shareholders and consummation of due diligence investigation. The transaction is subject to ASIC and Court approval. The deal has been unanimously approved by the board of Alto Metals. As of October 11, 2024, the Supreme Court of Western Australia has approved Alto convening a meeting of Alto shareholders to consider and vote on Brightstar Resources Limited’s proposed acquisition of all of the shares in Alto by way of a scheme of arrangement. As of October 14, 2024, BDO Corporate Finance Australia Pty Ltd has concluded that the Scheme is not fair but reasonable and therefore in the best interests of Alto Shareholders, in the absence of a Superior Proposal. The Scheme Meeting is scheduled to be held on 19 November 2024. All Alto shareholders registered as of 17 November 2024 will be eligible to vote at the Scheme Meeting. If the Requisite Majority of Alto Shareholders vote in favour of the Scheme at the Scheme Meeting and all other relevant Conditions Precedent to the Scheme are satisfied or waived, Alto will apply to the Court for orders approving the Scheme at the Second Court Hearing. The Second Court Hearing is currently anticipated to be on 29 November 2024. As of November 7, 2024, the Court has approved the dispatch of the Supplementary Information Letter. The Scheme Meeting will be held on 19 November 2024. As of November 19, 2024, the deal has been approved by the shareholders of Alto. In summary, 99.98% of the votes cast by Alto Shareholders were in favour of the Scheme, and 99.01% of the Alto Shareholders present and voting voted in favour of the Scheme. If the Court approves the Scheme at the Court Approval Hearing, Alto intends to lodge a copy of the orders of the Court with the Australian Securities and Investments Commission (ASIC) on December 2, 2024. The expected completion of the transaction is November 13, 2024. The expected closing of the transaction has been extended to December 9, 2024.
Longreach Capital Pty. Ltd. acted as financial advisor for Alto Metals Limited. Gilbert and Tobin acted as legal advisor for Alto Metals Limited. Hamilton Locke Pty Ltd acted as legal advisor for Brightstar Resources Limited. Canaccord Genuity Financial Limited acted as financial advisor to Brightstar Resources. Automic Pty Ltd. acted as registrar to Alto Metals Limited. BDO Corporate Finance Australia Pty Ltd acted as due diligence provider for Alto Metals Limited.
Brightstar Resources Limited (ASX:BTR) completed the acquisition of Alto Metals Limited (ASX:AME) from Windsong Valley Pty. Ltd. and others on December 2, 2024. The scheme of arrangement under which Brightstar Resources Limited will acquire 100% of the shares in Alto (Alto Shares) (the Scheme) is now legally effective, following lodgment of the copy of the orders of the Supreme Court of Western Australia in relation to the Scheme with the Australian Securities and Investments Commission (ASIC). Alto expects that Alto Shares will be suspended from trading on ASX at close of trading on December 2, 2024. Alto shareholders who hold Alto Shares at the Record Date, being on December 4, 2024 will receive four new Brightstar shares for every one Alto Share held, in accordance with the terms of the Scheme. It is expected that the Scheme will be implemented, and Scheme Consideration will be issued on December 9, 2024, and Alto will be removed from the official list of ASX with effect from the close of business on December 10, 2024. Announcement • Nov 14
Patronus Resources Limited (ASX:PTN) completed the acquisition of 8.42% stake in Alto Metals Limited (ASX:AME). Patronus Resources Limited (ASX:PTN) acquired 8.42% stake in Alto Metals Limited (ASX:AME) on November 14, 2024.
Patronus Resources Limited (ASX:PTN) completed the acquisition of 8.42% stake in Alto Metals Limited (ASX:AME) on November 14, 2024. 
