Off Market Takeover by Galaxy Resources Limited (Galaxy) In Respect of all the Ordinary Shares in General Mining Corporation Limited (GMM)

What's this about:
  • ASX Market
  • Clearing
  • Settlement
  • Operations
  • Market Data
  • Compliance
  • Risk
Notice reference number: 0749.16.06
Date published: 28/06/16
Effective as of: 28/06/16
Last updated: 28/06/16

This Notice is being issued to provide Participants with further information in relation to the bid and details the acceptance process through CHESS.

What do I need to do by when?

Bid Details:


Galaxy Resources Limited



Registry/ Agent

Computershare Investor Services Pty Limited

Target Issuer

General Mining Corporation Limited

Target ASX Code


Takeover Code/ Consideration

GMM001 – 1.65 Galaxy shares for each GMM share held




Offer Terms

Offer Open Date

28 June 2016

Offer Close Date

5:00pm (WST) on  29 July 2016 (unless extended)


CHESS will process acceptance messages until 7pm (Sydney time) on 29 July 2016 or in the event that the bid is extended, such other time as may be notified by Galaxy to the market.

The Galaxy bid is conditional and a shareholder may only accept the offer in relation to all of their GMM shares held at the time of acceptance.

Computershare is using CHESS 6.1 Offeror Submitted Takeover messages for this Offer. 

For information regarding the Offer please contact Galaxy on +61 8 9215 1700 or your professional financial adviser. 

Need more information?

Issued by

Eldon Hernando, Senior Officer, Post Trade Operations

Contact information

Eldon Hernando
1800 623 571 

General Information

Participants should refer to Section 13 of the CHESS Procedure Guidelines for Participants and Section 14 of the ASX Settlement Operating Rules for further information concerning the processing of Takeover Acceptance Messages for a CHESS Holding of securities.  Some of these issues are summarised below.

         A Participant must initiate acceptance of an offer by transmission of an EIS type ‘031’ message (Takeover Acceptance) where the securities in question are held in a CHESS Holding. The Participant will receive a ‘032’ message (Effected Takeover Acceptance) from CHESS in response.

         In addition to the electronic notification to the Participant, paper notification will be sent directly to the Holder as securities are reserved in an offer-accepted subposition. Any change to the balance of securities in subposition will generate further electronic advice to the Participant and paper advice to the Holder.

         Where a Participant receives instructions from a Sponsored Holder, the Participant is required under the ASX Settlement Operating Rules to initiate acceptance of an offer:

         if the Holder specifies the time when or by which the offer must be accepted, in accordance with those instructions; otherwise

         by End of Day on the date of receipt of instructions from the Holder. Where the offer closes on the date of receipt of instructions then prior to the close of the offer.

Participants should therefore retain, as a minimum, a record of the date on which instructions to accept an offer are received from a Sponsored Holder.