Blackstone and IDM merger gets court approval for Mankayan project

Published 17/06/2025, 16:18
Blackstone and IDM merger gets court approval for Mankayan project

LONDON - The Supreme Court of Western Australia has approved the merger between Blackstone (NYSE:BX) Minerals Ltd and IDM International Limited, which will impact the Mankayan Copper Gold project in the Philippines, according to a statement released by Bezant Resources Plc (AIM:BZT) on Tuesday.

The court order approving the scheme of arrangement is expected to become legally effective on Wednesday, June 18, 2025, when it is lodged with the Australian Securities and Investment Commission.

Under the merger terms, IDM shareholders will receive 7.4 Blackstone shares for every one IDM share they hold. Bezant Resources, which holds an interest in the Mankayan Project through IDM, will receive 139,365,659 Blackstone shares and 2,543,750 options to acquire Blackstone shares at AUD0.06, expiring on February 5, 2029.

The implementation timeline indicates that the record date for the scheme is set for Friday, June 20, with implementation scheduled for Friday, June 27. Normal trading of Blackstone shares is expected to resume on Monday, June 30.

As of Tuesday, Blackstone’s closing share price was AUD 9.1 cents (approximately 4.4 pence), according to information from the Australian Securities Exchange.

The merger, initially announced on February 6, 2025, represents a significant development for the Mankayan Copper Gold project, in which Bezant maintains an interest through its stake in IDM International Limited.

This article is based on a press release statement from Bezant Resources Plc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.