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Australian Strategic Materials: Federal Court approves Energy Fuels takeover

The Federal Court has approved Australian Strategic Materials' takeover, outlining key details and the next steps for ASM shareholders and optionholders.

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Laura Stewart
Author bio Laura Stewart is a Finance Editor at The Motley Fool, where she covers Australian and international equity markets. She joined the company in 2022, following a career transition from legal advisory work in Southeast Asia into the investment industry. Prior to her current editorial role, Laura spent three years as an Equity Analyst and Writer, producing investment research across the ASX, NYSE, and NASDAQ. Her coverage included small-cap growth companies, thematic investment ideas, and high-quality U.S.-listed businesses. Laura holds a Master of Applied Finance and brings additional expertise in accounting, taxation, and estate and wealth planning from her postgraduate studies. She also has a background in law and communications, which supports her analytical and reporting work in financial markets. Outside of work, she enjoys spending time in the Adelaide Hills with her flock of sheep. Education Laura holds a Bachelor of Laws, a Bachelor of Communication (Journalism), and a Bachelor of Commerce with majors in Accounting and Corporate Finance. In 2025, she completed a Master of Applied Finance at the University of Adelaide, receiving postgraduate awards in Accounting Concepts & Methods, Ethical Principles in Accounting & Finance, Real Estate Valuation & Investment, and Tax, Estate & Wealth Planning. Social media LinkedIn FYI – I am taking a break from social media at the moment, so this account isn’t active at the moment, but I will let you know when I rejoin. Favorite investment quote "Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it." — Albert Einstein
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Yesterday, Australian Strategic Materials Ltd (ASX: ASM) announced that the Federal Court had approved Energy Fuels' takeover, with ASM shareholders set to receive 0.053 New Energy Fuels CDIs and 13 cents in cash per share. ASM options holders will receive 50 cents per option in cash if the schemes proceed as planned.

A man holding a cup of coffee puts his thumb up and smiles with a laptop open.

Image source: Getty Images

What did Australian Strategic Materials report?

  • Federal Court of Australia has approved the acquisition by Energy Fuels Inc. subsidiary.
  • ASM shareholders entitled to 0.053 New Energy Fuels CDIs (or shares) plus A$0.13 cash per ASM share.
  • ASM optionholders to receive A$0.50 cash per ASM option.
  • Trading in ASM securities to be suspended from close of 19 August 2026.
  • Final implementation date set for 28 August 2026.

What else do investors need to know?

ASM will lodge court orders with ASIC on 19 August 2026, at which point the schemes will become effective. Eligible ASM shareholders will default to receiving New Energy Fuels CDIs, unless they elect to receive shares, and must submit election forms by 5.00pm AWST, 19 August 2026.

Ineligible foreign shareholders will not receive New Energy Fuels CDIs or shares directly; instead, they will get a proportionate cash payment after their entitlement is sold by a sale agent. ASM securities will be removed from the ASX following completion, with trading of new securities commencing on ASX, NYSE American, and TSX in late August.

What's next for Australian Strategic Materials?

The schemes are expected to be implemented on 28 August 2026, with shareholders receiving their consideration soon after. This marks the end of ASM's journey as an independent ASX-listed company, and investors will transition to holding securities in Energy Fuels.

Normal trading of New Energy Fuels CDIs is set to begin on 31 August 2026, while holding statements will be dispatched from 1 September. The company will announce any further timetable changes as they arise.

Australian Strategic Materials share price snapshot

Over the past 12 months, Australian Strategic Materials shares have risen 113%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

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