Lynas Rare Earths Limited (LYSDY) M&A Call Transcript

SA Transcripts 162.4K Followers Follow Lynas Rare Earths Limited ( LYSDY ) M&A Call September 30, 2026 8:00 PM EDT Company Participants John Humphrey Andrew Tunks - Executive Chairman Stuart Gale - MD, CEO & Director Pol Le Roux - Interim Chief Executive Officer Daniel Havas - Vice President of Strategy & Investor Relations Conference Call Participants Dim Ariyasinghe - UBS Investment Bank, Research Division Chen Jiang - BofA Securities, Research Division Bertrand Donnes - William Blair & Company L.L.C., Research Division Austin Yun - Macquarie Research Sam Berridge - Perennial Value Management Limited Dylan Kelly Presentation John Humphrey Good morning, ladies and gentlemen, and thank you for joining us. I'm incredibly pleased to be here with the Chairman of Meteoric, Andrew Tunks, Meteoric's CEO, Stuart Gale, as well as my Lynas colleagues, Pol Le Roux, Sarah Leonard, Gaudenz Sturzenegger, and Daniel Havas. As you are aware, this morning we released a very exciting announcement and presentation about the proposed combination of Lynas with Meteoric. The format for today is that Andrew and I will make some opening remarks about the proposed combination, and then we'll be happy to answer questions. How will we achieve the combination? Lynas and Meteoric have entered into a binding scheme implementation deed, under which Lynas will acquire 100% of the shares in Meteoric by way of a court-approved scheme of arrangement. The consideration is Lynas shares, with each Meteoric shareholder receiving 0.0207 Lynas shares for each Meteoric share, or approximately one Lynas share for each 50 Meteoric shares held. On a 60-day VWAP basis, that implies a 64% premium to Meteoric's 60-day VWAP. The Meteoric board has unanimously recommended the scheme in the absence of a superior proposal emerging. The scheme is subject to an independent expert concluding and continuing to conclude that the scheme is in the best interests of Meteoric shareholders. All of Meteoric's directors and