On Monday, the shareholders of Gold Road voted overwhelmingly to accept a cash takeover bid from Gold Fields, and as a result, the company will be delisted from the ASX on October 1, while its shares are expected to be suspended as of the close of trade on the ASX on Friday, September 26.

This will free up a space in the S&P/ASX 200 Index (ASX: XJO) for a new company – Catapult Sports Ltd (ASX: CAT) – to enter, and is subject to a Supreme Court hearing to rubber-stamp the deal on Thursday.

So what do Gold Road shareholders have to do about all this? Well, nothing.

As Macquarie explains in a note to clients issued this week, Gold Road shareholders will be paid $2.52 in cash, including a 44-cent per share special dividend, plus a variable component linked to Gold Road's stake in fellow gold miner Northern Star Resources Ltd (ASX: NST)

That variable component will be worth about $1.02 per Gold Road share, Macquarie says.

Company documents filed with the ASX indicate that the special dividend will be paid on October 7 and the remainder of the cash on October 14.

Sweetened bid needed to sway the board

The takeover of Gold Road concludes a process that started in March, when Gold Fields made an initial offer of $2.27 cash per share plus an unspecified variable component for its stake in De Grey Mining, which was later taken over by Northern Star.

The Gold Road board at the time said it believed the offer "materially undervalues Gold Road and is highly opportunistic in nature''.

Gold Fields came back with an improved offer on May 2, which the board unanimously supported, subject to an independent expert's report.

The deal will consolidate ownership of the Gruyere gold mine in Western Australia, which is currently owned on a 50:50 basis by Gold Road and Gold Fields.

The mine is expected to produce between 310,000 and 320,000 ounces of gold this calendar year and has an expected mine life of more than 10 years.

The Gruyere deposit was discovered by Gold Road in 2013 and the company sold a half stake in the project to Gold Fields in 2016 for $350 million in cash plus a smelter royalty.

The project began construction in 2017 and first gold was delivered in the June 2019 quarter.

Gold Road shares are priced at $3.49 at the time of writing.

The post What next for Gold Road Resources shares? appeared first on The Motley Fool Australia.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to rise again on Tuesday following a decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 17 points or 0.2% higher. In the United States, the Dow Jones is up 0.15%, the S&P 500 is 0.45% higher, and the Nasdaq has risen 0.7%.

Catapult added to ASX 200

Catapult Sports Ltd (ASX: CAT) shares will be on watch on Tuesday after the sports technology company was added to the ASX 200 index. The high-flying tech stock is joining the benchmark index in place of Gold Road Resources Ltd (ASX: GOR), which is being kicked out after shareholders approved its $3.7 billion acquisition by South Africa's Gold Fields (NYSE: GFI).

Oil prices edge lower

It looks set to be a subdued session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down a touch to US$62.64 a barrel and the Brent crude oil price is down 0.1% to US$66.61 a barrel. This was driven by news that Iraq is increasing its exports despite demand concerns.

Buy Generation Development shares

The Generation Development Group Ltd (ASX: GDG) share price could be good value according to analysts at Bell Potter. This morning, the broker has initiated coverage on the financial services company's shares with a buy rating and $8.20 price target. Bell Potter highlights that its shares are trading at a discount to peers. This implies potential upside of approximately 15% for investors. It said: "We initiate coverage on GDG with a Buy rating and $8.20/sh target. GDG screens well with significant growth runway, trading on a PEG -10% below tech and financial peers."

Gold price jumps

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price jumped to a fresh record high overnight. According to CNBC, the gold futures price is up 2.1% to US$3,782.7 an ounce. The precious metal rose after the market priced in further rate cuts.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

Gold Road shares closed yesterday trading for $3.18. In morning trade on Thursday, shares are changing hands for $3.20 apiece, up 0.6%. This sees the Gold Road share price up 73.9% since this time last year.

For some context, the ASX 200 is up 0.4% today and up 6.7% over the past 12 months.

Here's what's catching ASX investor interest today.

ASX 200 gold share lifts on record gold sales prices

Investors are bidding up Gold Road shares today following the release of the miner's June quarterly update.

The ASX 200 gold share reported its Gruyere gold mine – Gold Road's 50:50 joint venture with Gold Fields Ltd (NYSE: GFI) – produced 72,980 ounces of gold (on a 100% basis). That's up from 71,226 ounces in the March quarter.

On the cost front, the all-in sustaining cost (AISC) came in at AU$2,928 per attributable ounce over the three-month period. That also sees costs up, with AISC in the March quarter of AU$2,658 per attributable ounce.

Looking ahead, the miner reiterated its expectations that Gruyere's full-year production will be at the lower end of guidance of 325,000 ounces to 355,000 ounces of gold. (That equates to 162,500 ounces to 177,500 ounces of gold attributable.)

Management also expects AISC to be around the top end of guidance of between AU$2,400 to AU$2,600 per ounce.

In other core metrics, the ASX 200 gold share reported quarterly gold sales of 37,741 ounces at a record average sales price of AU$5,131 per ounce.

And free cash flow generated for the June quarter increased to $44.7 million, up from $34.1 million in the prior quarter.

Cash and equivalents increased by 18.8% over the quarter to $242.1 million.

What's happening with the Gold Road acquisition?

The June quarter also saw the ASX 200 share receive a takeover bid from Gold Fields on 5 May.

Under the proposal, Gold Road shareholders will receive $2.52 per Gold Road share (less any special dividend paid prior to implementation of the scheme). Shareholders will also get a variable cash consideration equal to the full value of their proportionate holding in Northern Star Resources Ltd (ASX: NST).

Gold Road holds 49,258,234 shares in Northern Star.

Management said they intend to declare a fully franked special dividend should the scheme – which remains subject to various conditions – become effective.

The Gold Road board said they continue to unanimously recommend that shareholders vote in favour of the scheme, in the absence of a superior proposal.

The post Up 74% in a year, why is this ASX 200 gold share marching higher again on Thursday? appeared first on The Motley Fool Australia.

Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed yesterday trading for $3.21. In afternoon trade on Wednesday, shares are changing hands for $3.17 apiece, down 1.3%.

Though you're unlikely to hear longer-term shareholders complain.

Spurred by a surging gold price (bullion is up 39% since this time last year at US$3,290 per ounce), Gold Road shares have soared 78.1% over 12 months.

Atop those outsized capital gains, shares in the ASX 200 gold miner also trade on a slender 0.6% fully franked dividend yield.

That sees Gold Road stockholders smashing the 9.4% one-year gains delivered by the ASX 200. And the stock has even nearly doubled the returns of the S&P/ASX All Ordinaries Gold Index (ASX: XGD), which is up 42.6% over the full year.

But with such a strong year behind it, what can ASX 200 investors expect now?

What's ahead for Gold Road shares?

Following on Tuesday's preliminary second quarter (2Q) trading update, the analysts at Macquarie Group Ltd (ASX: MQG) noted that the miner's gold production of 72,980 ounces missed its own estimates by 14%. Production came in 15% below consensus analyst estimates.

Despite that miss, investors still sent Gold Road shares up 0.3% by the closing bell on Tuesday.

And lower quarterly production impacted the miner's cash and gold holdings.

Macquarie noted:

The cash and bullion build of A$38m to a quarter-end balance of ~A$242m (up from ~A$204m in 1Q) was lower than our expectation of A$69m driven by the lower production/sales results.

As for the full 2025 calendar year production outlook, the broker noted that production at the Gruyere gold mine – Gold Road's 50:50 joint venture with Gold Fields Ltd (NYSE: GFI) – is tracking to the bottom end of CY 2025 guidance.

Unfortunately, costs are on the higher end. Gold Road reported all in sustaining cost (AISC) for CY 2025 is tracking towards the upper end of its guidance, which Macquarie said is in line with its own cost estimates.

Macquarie noted that Gold Road "anticipates full-year production to be at the lower end of guidance (325-355koz, 100% basis) with AISC expected to be at the higher end (A$2,400-2,600/oz)".

The broker said, "We estimate CY25 production of 163koz (lower end of guidance range: 163koz) at an AISC of A$2,601/oz (higher end of guidance range: A$2,600/oz)."

Positively, Macquarie noted that the takeover scheme which will see Gold Fields acquire all of Gold Road shares remains on track. But the broker cautioned that the roughly 13% decline in the Northern Star Resources Ltd (ASX: NST) share price since the offer was made could impact "the variable consideration component (linked to GOR's NST shareholding)".

Connecting the dots, Macquarie retained its neutral rating on the ASX 200 gold stock.

The broker has a price target of $3.30 on Gold Road shares. That's about 4% above current levels. And it doesn't include any upcoming dividends.

The post Up 78% in a year, what's Macquarie's price target for Gold Road shares now? appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is up 5% to 31 cents. Investors have been buying this medical technology company's shares following the release of an update. According to the release, the company has signed a commercial contract with Intermountain Health for the implementation of its recently FDA-cleared Pulmonary Hypertension Analysis product. The company's CEO, Andreas Fouras, said: "As the contract transitions to full commercial terms this revenue stream will become meaningful for us. Furthermore, under those terms we can grow revenue through increased usage of PHA and expansion to other products in the portfolio, further growing the opportunity within this large health system."

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price is up almost 10% to $3.26. This follows news that the gold miner has accepted a takeover offer from Gold Fields Ltd (NYSE: GFI). The deal will see Gold Road shareholders receive the equivalent of $3.40 per share (less any special dividend paid prior to implementation of the scheme). This includes a variable cash consideration equal to the full value of their proportionate holding in Northern Star Resources Ltd (ASX: NST).

Syrah Resources Ltd (ASX: SYR)

The Syrah Resources share price is up 12% to 27.5 cents. This has been driven by news that the graphite miner's Balama operation is almost back up and running after civil unrest. It said: "Over the weekend, Mozambique Government authorities cleared the remaining illegal protestors and restored site access for Balama operations. The Company is mobilising camp support, inspection, and maintenance teams. An update on start of operations at Balama and product shipments will be provided in due course."

Tyro Payments Ltd (ASX: TYR)

The Tyro Payments share price is up 4% to 80.7 cents. Investors have been buying the payments company's shares after it announced that it was withdrawing its takeover proposal for Smartpay Holdings Ltd (ASX: SMP). It said: "Tyro was informed of Smartpay's decision to enter an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share on Friday 2 May. This was prior to conclusion of the agreed due diligence process and receipt of an update to Tyro's cash and scrip synergistic merger proposal."

The post Why 4DMedical, Gold Road, Syrah, and Tyro shares are racing higher today appeared first on The Motley Fool Australia.

Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock entered an intraday trading halt on Friday, swapping hands for $2.97. Gold Road requested the pause in trading following media speculation "regarding a potential change of control transaction".

The company resumed trading today after Gold Road released the details of the speculated transaction. And investors are responding enthusiastically, with Gold Road shares up 9.8% at $3.26 apiece in early morning trade.

For some context, the ASX 200 is down 0.3% at this same time.

Here's what we just learned.

Gold Road shares lift off on acquisition news

ASX investors are bidding up Gold Road shares after the miner reported that it has entered into an agreement with Gruyere Holdings (a wholly owned subsidiary of South African-based global gold mining giant Gold Fields Ltd (NYSE: GFI)) to acquire 100% of the issued and outstanding share capital in Gold Road by way of a scheme of arrangement.

Under the proposal, Gold Road stockholders will receive $2.52 per Gold Road share (less any special dividend paid prior to implementation of the scheme). Stockholders will also get a variable cash consideration equal to the full value of their proportionate holding in Northern Star Resources Ltd (ASX: NST).

That value will be calculated when the scheme becomes effective. But management noted that as of last Friday, 2 May, the total cash consideration equates to $3.40 per share.

This values Gold Road's equity at approximately $3.7 billion.

Management said they intend to declare a fully franked special dividend of 35 cents per share should the scheme become effective.

In late March, Gold Road rejected a takeover offer from Gold Fields valued at $3.05 per share. At the time the board said they had "unanimously formed the view that the offer materially under values Gold Road and is highly opportunistic in nature".

But with the new offer sweetening the deal by 12%, Gold Road's board said they now unanimously recommend shareholders vote in favour of the scheme, in the absence of a superior proposal.

What did management say?

Commenting on the takeover offer sending Gold Road rocketing today, chairman Tim Netscher said, "The board has been focused at all times on ensuring that we deliver value and act in the best interests of our shareholders."

Netscher added:

The Gold Road directors consider that the value offered by the all-cash Scheme Consideration delivers compelling value for Gold Road shareholders compared to what may otherwise be available if Gold Road continued to operate as a standalone entity.

The variable cash consideration provides ongoing exposure to the supportive gold price environment up until the effective date of the scheme through Gold Road's shareholding in Northern Star. Additionally, the payment of a special dividend allows Gold Road to realise the full value of the company's franking account balance for eligible shareholders.

Gold Road CEO Duncan Gibbs noted, "This offer price represents a material premium to the undisturbed share price prior to the initial Gold Fields' proposal and a material premium to longer term trading levels."

With today's intraday lift factored in, Gold Road shares are up 106% since this time last year, not including dividends.

The post Gold Road shares surge 10% on $3.7 billion takeover offer appeared first on The Motley Fool Australia.