On the 19th May 2026, European Lithium (EUR AU) entered into a reverse Scheme via a scrip deal with ~34.4% held Critical Metals (CRML US).
CRML initially offered 0.035 new CRML shares for each EUR share. After CRML’s shares cratered post-deal announcement, CRML revised with collared scrip terms.
The Scheme Booklet is now out, with a Scheme Meeting on the 22nd October, and expected implementation on the 5th November. The IE (Horizon Nexus) concluded “NOT fair BUT reasonable“.
European Lithium (EUR AU) is not very liquid. Look away now if this not your thing.
The Trade:
You’ll need to put your favourite hedging hat on.
CRML borrow appears difficult to source.
You could simply go outright long in EUR to capture perceived upside in the Tanbreez Rare Earth Project in Greenland.