Announcement • Apr 09
Astral Resources NL (ASX:AAR) completed the acquisition of remaining 80.01% stake in Maximus Resources Limited (ASX:MXR). Astral Resources NL (ASX:AAR) submitted a non-binding indicative proposal to acquire remaining 80.01% stake in Maximus Resources Limited (ASX:MXR) for AUD 24.4 million on December 30, 2024. As part of the acquisition, Astral Resources will pay AUD 0.073 per share by way of an all-scrip. The implied Offer Consideration of AUD 0.073 per Maximus Share is approximately 61% above the last closing price of Maximus Shares prior to the Initial Announcement Date. In addition, Astral entered into two separate share sale agreements to acquire approximately 85.5 million Maximus shares, representing an aggregate of 19.99% of Maximus shares on issue from Beacon Minerals Limited and Colin Petroulas. Upon completion, Astral Resources NL will own 100% stake in Maximus Resources Limited. As of March 31, 2025, Astral Resources NL has acquired approximately 90.5% of Maximus Resources Limited.
The transaction is subject to completion of confirmatory due diligence, execution of a binding transaction implementation deed, respective board approvals, number of customary conditions including no material adverse change, no regulatory action or interference, no material acquisitions or disposals, no “prescribed occurrences” and possibly a minimum acceptance condition. As of February 17, 2025, the Maximus Board unanimously recommends to accept the Offer by Astral in the absence of a Superior Proposal. The Offer is scheduled to close on March 7, 2025, unless extended or withdrawn. Astral announced that it had acquired a 19.99% stake in Maximus Shares from a combination of Beacon Minerals Limited and Colin Petroulas. Subsequently, and in relation to this Offer, Maximus Directors collectively representing approximately 1.2% of all Maximus Shares on issue confirmed that they intend to accept the Offer, in the absence of a Superior Proposal. The support of Maximus’ Directors in conjunction with Astral’s existing 19.95% ownership of Maximus, which it acquired from Maximus’ two major shareholders indicates strong support for the Offer. Astral has announced it has a Relevant Interest in 42.13% of Maximus Shares inclusive of its 19.95% shareholding and as a result of acceptances under the Offer. If, at the end of the Offer Period, Astral has an interest in less than 90% of Maximus Shares, it does not become entitled to compulsorily acquire the Maximus Shares that have not been accepted into the Offer. Should Astral not acquire 100% of Maximus and no Superior Proposal emerges, the Maximus Share price may decline back to and potentially below the values experienced prior to the Initial Announcement Date. As per the announcement dated February 24, 2025 the offer becomes unconditional. As of March 21, 2025, the deal is expected to close on April 4, 2025.
Taylor Collison Limited acted as financial advisor to Astral Resources NL. Thomson Geer acted as legal advisor to Astral Resources NL. EMK Lawyers acted as legal advisor to Maximus Resources Limited.
Astral Resources NL (ASX:AAR) completed the acquisition of remaining 80.01% stake in Maximus Resources Limited (ASX:MXR) on April 7, 2025. Announcement • Feb 27
Astral Resources NL (ASX:AAR) acquired 7.7% stake in Maximus Resources Limited (ASX:MXR) from Beacon Minerals Limited (ASX:BCN) for AUD 2.2 million. Astral Resources NL (ASX:AAR) acquired 7.7% stake in Maximus Resources Limited (ASX:MXR) from Beacon Minerals Limited (ASX:BCN) for AUD 2.2 million on February 27, 2025.
Astral Resources NL (ASX:AAR) completed the acquisition of 7.7% stake in Maximus Resources Limited (ASX:MXR) from Beacon Minerals Limited (ASX:BCN) on February 27, 2025. Announcement • Feb 25
Maximus Resources Limited Announces Director Changes Maximus Resources Limited refered to the off market takeover bid by Astral Resources NL to acquire all of the Maximus Shares (Offer) Astral does not already own, on the basis of one (1) Astral Share for every two (2) Maximus Shares held pursuant to the Bidder's Statement dated 3 February 2025 (Bidder's Statement). Following the announcement by Astral dated on 24 February 2025, that it has acquired control (over 50% of Maximus Shares) and declared the Offer unconditional, Maximus advises the following changes to the board of directors (effective 25 February 2025): Maximus' Non-Executive Chair, Mr. Martin Janes and Non-Executive Director, Mr. Graham McGarry have resigned as directors; Astral's nominee, Mr. Mark Connelly, has been appointed Non-Executive Chair of Maximus; Astral's nominee, Mr. Marc Ducler, has been appointed a Non-Executive Director of Maximus; and Mr. Tim Wither will remain as Managing Director. 
