What did the Federal Court actually approve?

The Federal Court of Australia made first‑court orders allowing Toro Energy to convene a shareholder scheme meeting and approving the dispatch of the Scheme Booklet to eligible shareholders. This step is a standard procedural milestone in a scheme of arrangement and does not, by itself, guarantee that the takeover will proceed.

When will Toro Energy shareholders vote on the IsoEnergy proposal?

Toro Energy shareholders (other than excluded shareholders) are scheduled to vote on the proposed scheme at a meeting to be held at 10:00am (AWST) on 9 June 2026 in West Perth. Shareholders must be on the register by the specified record time and are encouraged to lodge their proxy forms by 7 June 2026 if they cannot attend in person.

Does the Toro board support the IsoEnergy takeover?

Toro’s independent board committee continues to unanimously recommend that shareholders vote in favour of the scheme, in the absence of a superior proposal and provided the independent expert continues to conclude the transaction is in the best interests of shareholders. The committee members have also stated they intend to vote, or procure the voting of, all Toro shares they hold or control in favour of the scheme, subject to those same qualifications.

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Federal Court greenlights Toro Energy scheme meeting for IsoEnergy takeover

Written by Isaac FrancisPublished Apr. 30 2026Last Updated Apr. 30 2026

Toro Energy Ltd (ASX: TOE) has cleared a major regulatory hurdle in its proposed acquisition by IsoEnergy Ltd, with the Federal Court of Australia ordering the convention of a shareholder meeting.

On 30 April 2026, the Court approved the dispatch of a comprehensive Scheme Booklet, which will be sent to shareholders around 7 May 2026.

This document contains critical information regarding the 100% acquisition of Toro shares by IsoEnergy’s subsidiary, Iso Australia Operations.The Scheme Meeting is scheduled for 10:00 AM (AWST) on 9 June 2026 in West Perth.

Toro’s independent board committee continues to unanimously recommend the deal, provided no superior proposal emerges and an independent expert maintains that the transaction serves the best interests of shareholders.

If approved, the scheme is expected to become effective on 16 June 2026, with a final implementation date of 25 June 2026.

At the time of reporting Toro Energy’s share price was $0.56

Frequently asked questions

What did the Federal Court actually approve?

When will Toro Energy shareholders vote on the IsoEnergy proposal?

Does the Toro board support the IsoEnergy takeover?