Astron plans shift back home to redomicile in Australia
The redomicile move will trigger the formation of a new listed Australian entity, Aus NewCo, to take the reins as Astron's new head company, replacing its current Hong Kong-based parent.
As part of the move, Australian shareholders will be asked to swap their CHESS depositary interests (CDIs) for shares in the new Australian entity on a two-for-one basis, while the Hong Kong investors' holdings will be relisted locally and remain unchanged.
Astron's shares have for years traded on the ASX as CDIs, limiting shareholders' voting rights and complicating their ownership. The new structure will give shareholders direct voting power and ordinary shares, bringing the company in line with its typical Australian-listed peers.
A first hearing with Hong Kong's Court of First Instance has been locked in for next week, with a crucial shareholder vote set for July 30. If approved, Astron's CDIs will cease trading on August 20, and shares in Aus NewCo will begin trading a day later.
The company expects the Australian Taxation Office to issue a class ruling confirming the redomicile qualifies for capital gains rollover relief to ensure the swap won't trigger a tax bill for investors.
Astron says it has always seen itself as an Australian miner and the restructure will cement that identity. The move paves the way for smoother shareholder engagement, stronger governance and closer alignment with its local investor base as it powers ahead with its Donald rare earths and mineral sands project in Victoria.
Notably, the change is expected to simplify Astron's compliance burdens. Currently, even basic transactions such as buying land in Australia require Foreign Investment Review Board approval – a hurdle the company says will be swept away when it is becomes a legal Australian entity.
The move is also tipped to make the company more attractive to retail and institutional investors and help attract and retain local talent.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
7NEWS
7 minutes ago
- 7NEWS
Billions locked in for 2032 Olympic Games with new Queensland and federal government deal
Brisbane 's Olympic dream is becoming a reality with an intergovernmental agreement securing a $1.2 billion federal fund for the new Brisbane stadium. Deputy Premier Jarrod Bleijie announced the funding partnership and the plans for the Games on Thursday. 'To deliver this once-in-a-generation event, you need to work with partners,' he said. 'What today's deal means is certainty for games infrastructure going forward.' Federal contributions for this project will total $3.4 billion and both governments will commit a combined $7.1 billion to deliver 17 new or upgraded sports venues, including the promised Victoria Park stadium. 'Despite being from different political persuasions, we have worked well together in the state and in the national interest,' the deputy premier said. Federal Infrastructure Minister Catherine King said the deal will help the Olympics leave an 'incredible legacy for Queensland'. 'The Australian government's commitment of $3.4 billion towards the Games venues is the single largest contribution any Australian government has made towards sporting infrastructure in this country,' she said. At the heart of Brisbane 2032 is Victoria Park's proposed 63,000-seat stadium. It was confirmed on Thursday that the stadium will be used for the opening and closing ceremonies. Work has already begun, including soil sampling and geotechnical studies, to ensure the site will be fit to build on. The site, however, holds major cultural significance with First Nations people and the redevelopment plans have brought about cultural heritage controversy for the state government. The LNP ensured on Thursday that they acknowledge their obligation to reach an agreement with First Nations groups, 'but ultimately if an agreement can't be reached, then the laws have to override', Bleijie said. This controversy is yet another for the state government, which has continually been challenged by First Nations people since coming into office. Leeanne Enoch, Labor member for Algester in Queensland, commented in parliament last week that 'this LNP government is hell-bent on winding back any progress made regarding reconciliation in this state'. Enoch accused the LNP of attempting to 'erase' First Nations people from the QLD public sector. 'This government is determined to undermine the impact of years of cross-cultural training and agreed protocols designed to ensure government agencies are able to effectively serve some of the most vulnerable people in our community,' she said. Bleijie said that the LNP recognise Victoria Park is a significant issue, but was 'confident that we will secure the support (of First Nations people)'.
7NEWS
34 minutes ago
- 7NEWS
Urgent warning to shoppers about online ‘ghost stores' scamming unsuspecting Aussies
Aussie shoppers are being warned about online 'ghost stores', which are scams enticing customers to buy heavily discounted products from non-existent shops. The Australian Competition and Consumer Commission (ACCC) received more than 360 complaints about 60 retailers that operate as ghost stores in this year alone. The ACCC alleges ghost stores operate by claiming to be a local Aussie business claiming to see high-quality items, often in a closing down sale, offering bargain prices. However, they instead offer low-quality items. Appearing on Sunrise on Friday, retail expert Gary Mortimer explained the goods are often just shipped from China, India, Pakistan or Bangladesh, or other countries with a large textile base. 'They're really difficult to identify,' Mortimer said. 'I guess the first one is there is no physical location. So, having a brand name with the words Sydney, Melbourne, Byron Bay or Adelaide in it. When you go to Google Maps you will find the brand doesn't have a physical location. 'You will notice on the website has no phone number only email address or a box that you can ask questions from. You can take the brand name and put it into the ABN search. 'You will realise quickly it doesn't have an Australian business number or alternatively put it into Scamwatch to see what Scamwatch detects, whether it's a dodgy site or not.' The commission specifically issued public warning notices about and Ghost stores also refuse refunds or only offer partial refunds to consumers who complain about the inferior quality of the goods compared to what is advertised, or do not respond to complaints at all. Mortimer said to be careful if the prices are too good to be true. 'They also seem to put big sales on,' he said. 'They infer its Italian shows or a French-made product. 'They use story telling. there will be an AI image. They're low cost. Significant savings.'
News.com.au
an hour ago
- News.com.au
Break it Down: MTM upgrades to OTCQX Best Market
Stockhead's Break it Down brings you today's leading market news in under 90 seconds. In this episode, host Tylah Tully looks at the latest from MTM Critical Metals (ASX:MTM), which is preparing to change its name to Metallium, as the company uplists to the OTCQX Best Market. Tune in to hear all about it. While MTM Critical Metals is a Stockhead advertiser, it did not sponsor this content. Originally published as Break it Down: MTM upgrades to OTCQX Best Market
