Hi Paul,
446 pages, whatever happened to succinct and to the point! Currently, Gold Road (GOR) shareholders would receive the below assuming the September vote goes according to plan, and all approvals (including from Australia’s Foreign Investment Review Board) are granted.
- A fixed cash payment of up to $2.52 per share, reduced by any special dividend (approx. 35c).
- A variable cash amount reflecting their entitlement to Northern Star (NST) value (approx. 88c).
- Total of approximately $3.40 per share, in a transaction strongly supported by the board and scheduled for completion later this year.
Importantly the 88c per share estimate is based on Northern Star’s 5-day VWAP as of 2 May 2025. However, the final amount Gold Road shareholders receive for this portion will be based on the 5-day VWAP of Northern Star shares immediately before the scheme becomes effective — likely in late September 2025. Hence the higher the NST price the better! This explains why GOR has been trading ~$3.35 this week.