MAC Copper (MAC AU/MTAL US): 29th August Vote On Harmony's Offer

• Back on the 27th May 2025, dual-listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, entered into a Scheme Implementation Deed with Harmony Gold Mining (HAR SJ).

• Harmony offered US$12.25 for each MAC Share, a 20.7% premium to last close. The A$ consideration for MAC CDIs pivots off the USD/AUD exchange rate around the Record Date.

• A copy of the Circular is now available, with a shareholder vote on the 29th August. Barrenjoey, the FA, says fair & reasonable. 22.54% of shares out are supportive.

The Trade:

• Both legs are trading tight with exactly the same gross/annualised spreads of 1.5%/7.9%, assuming early October payment. Although there will be nominal costs to be netted off the CDI payment.

• No competing Offer is expected to emerge.

• If in, stay in. Or get involved on any weakness.

This insight is labelled bullish as I expect the Offer to get up.

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The NEW News

• A copy of the Circular is out. It will officially be dispatched on the 4th August.

• The Scheme Meeting is the 29th August.

  • There is no definitive timeline following the vote.

  • For Jersey incorporated/listed companies, the court sanction of a Scheme typically occurs within four weeks after the Scheme meeting, but the exact timing can vary.

  • I've used four weeks, leading to possible payment around the 10th October, or 136 days all in.