Gold Road Acquisition by Gold Fields Now Effective: What Shareholders Need to Know
Gold Road Resources’ acquisition by Gold Fields has been legally approved, triggering a special dividend and final scheme payments to shareholders. Trading of Gold Road shares will be suspended as the deal moves to completion.
- Scheme of arrangement approved by WA Supreme Court
- Gold Road shares suspended from ASX trading as of 26 September 2025
- Fully franked special dividend of A$0.43694 per share declared
- Final scheme consideration per share set at $3.06423 including variable cash component
- Key payment and record dates scheduled through October 2025
Scheme Approval and Trading Suspension
Gold Road Resources Limited has announced that the scheme of arrangement for its acquisition by Gruyere Holdings Pty Ltd, a subsidiary of Gold Fields Limited, has become legally effective following approval from the Supreme Court of Western Australia. This marks a significant milestone in the takeover process, with Gold Road shares ceasing trading on the Australian Securities Exchange (ASX) from the close of trading on 26 September 2025.
Special Dividend Declared
In conjunction with the scheme becoming effective, Gold Road’s board has declared a fully franked special dividend of A$0.43694 per share. Shareholders recorded on 30 September 2025 will be entitled to this dividend, which is expected to be paid on 7 October 2025. This dividend reflects the company’s commitment to returning value to shareholders ahead of the completion of the acquisition.
Final Scheme Consideration Details
The total scheme consideration per Gold Road share has been finalized at $3.06423. This figure comprises a fixed cash component of $2.52, a variable cash component of approximately $0.98117 linked to Gold Road’s shareholding in Northern Star Resources Ltd, and is adjusted by subtracting the special dividend. The variable component was calculated based on the five-day volume weighted average price (VWAP) of Northern Star shares leading up to the scheme’s effective date, reflecting the market value of Gold Road’s Northern Star stake.
Upcoming Key Dates for Shareholders
Shareholders should note several important dates – the special dividend record date is 30 September 2025, with payment on 7 October. The scheme record date, determining entitlement to the scheme consideration, is 8 October 2025, with the final payment and share transfer expected on 14 October 2025. These dates are indicative and subject to change depending on regulatory and court processes.
Strategic Implications
This acquisition consolidates Gold Fields’ position in the Australian gold mining sector, adding Gold Road’s assets and Northern Star shareholding to its portfolio. The deal’s structure, including the variable consideration tied to Northern Star’s share price, aligns shareholder returns with market performance, potentially benefiting investors if Northern Star’s shares appreciate further. However, the suspension of Gold Road’s shares from trading signals the end of its independent listing, marking a new chapter for the company and its stakeholders.
Bottom Line?
As Gold Road transitions under Gold Fields’ ownership, investors will watch closely how the integration unfolds and how Northern Star’s share price influences final returns.
Questions in the middle?
- How will Gold Fields integrate Gold Road’s assets and Northern Star stake strategically?
- Could fluctuations in Northern Star’s share price before the scheme record date affect final shareholder returns?
- What impact will the acquisition have on Gold Road’s existing projects and operational plans?
