De Grey Mining (ASX:DEG) said the Australian Federal Court ordered that the company hold a shareholder meeting to consider and vote on a resolution to approve the proposed acquisition by Northern Star Resources (ASX:NST) through a scheme of arrangement, according to a Monday filing with the Australian bourse.
The court also made orders approving the company's distribution of an explanatory statement and notice of the scheme meeting to shareholders. The meeting is expected to be held on April 16, the filing said.
The company directors unanimously recommend that shareholders vote in favor of the scheme resolution, per the filing.
In a December 2024 filing, both parties signed a binding scheme implementation deed for Northern Star Resources to acquire all shares of De Grey Mining in exchange for 0.119 Northern Star shares per one De Grey Mining share.
De Grey Mining shares fell 2% in midday trade Tuesday, while Northern Star Resources shares were down 3%.
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