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Notice
Gold Road Resources Limited (ASX: GOR) has announced that it is being acquired by Gruyere Holdings Pty Ltd, a wholly owned subsidiary of Gold Fields Limited via Scheme of Arrangement.
The scheme is still subject to shareholders and court approvals.
If this scheme is approved, Gold Road Resources Limited also plans to declare a fully franked special dividend (amount to be determined) with a record date of 1 October 2025, after the last trading date.
GOR shareholders will receive $2.52 for each GOR share held on the scheme record date (minus any special dividend amount) as well as a variable cash consideration equal to each shareholders proportionate stake in Northern Star Resources. GOR will subsequently be delisted from the ASX.
The indicative timetable (from the ETO’s perspective) is:
GOR Scheme Meeting |
Monday, 22 September 2025 |
Court Hearing to approve the Scheme (Second Court Date) |
Thursday, 25 September 2025 |
Scheme Effective Date |
Friday, 26 September 2025 |
Last day of trading in GOR shares - |
Friday, 26 September 2025 |
Scheme Record Date |
Wednesday, 6 October 2025 |
Scheme of Arrangement Termination Implications for GOR ETOs
According to the terms of the scheme, GOR shares will cease trading after the scheme becomes effective. ASX has consulted ASXCL and has determined to terminate all GOR ETOs contracts by cash settlement at the intrinsic value with the GOR reference price to be ASX closing price for GOR on Friday, 26 September 2025.
Option positions held at the close of business on Friday, 26 September 2025 will be closed out and cash settled at the intrinsic value. Takers will be credited and writers debited. The intrinsic value method is equivalent to the expiry of the options effectively brought forward to the last day of trading of the underlying security. ASXCL will settle these cash amounts on the next business day – Monday, 29 September 2025.
Exercise Restriction
An exercise restriction will be placed on GOR ETOs on GOR shares last day of trading on the ASX - Friday, 26 September 2025.
Listing Restriction
To mitigate the number of terminations in GOR ETO contracts, a listing restriction on GOR ETOs will apply on Thursday, 18 September 2025.
No further GOR series will be listed from Thursday, 18 September 2025.
What do I need to do by when?
Participants to be aware of the adjustment method ASX GOR ETOs contracts for the proposed Scheme of Arrangement.
Effective Date
A further ASX Notice will be released after the closing of trading on Friday, 26 September 2025 outlining the termination prices for GOR ETOs.
Need more information?
Issued by
Greg Fitzpatrick, Senior Manager, Clearing Operations