Gold miner acquired by investment company with legal guidance from Carey Olsen

gold miner acquired by investment company with legal guidance from carey


The East-Africa focused company is valued at GBP 156.1 million.

The East-Africa focused company is valued at GBP 156.1 million.

Offshore law firm Carey Olsen has provided legal counsel to Guernsey-headquartered Shanta Gold Limited, a gold mining company operating in Tanzania and Kenya, in the sale of all shares to ETC Holdings (Mauritius) Limited subsidiary, Saturn Resources Limited.

The Carey Olsen advisory team was headed by corporate law partner Tony Lane and included senior associate James Cooke, whilst counsel Tim Bamford acted as advocate at the Royal Court. Carey Olsen collaborated with onshore counsel Memery Crystal and with investment banking organisation Liberum on the transaction.

The acquisition took place through a court-approved scheme of arrangement under Guernsey law and was sanctioned by the Royal Court of Guernsey on 8 May, effective 10 May. The scheme places Shanta’s value at GBP 156.1 million.

The scheme was recommended by all Shanta independent directors and approved by 80% of its shareholders, following Saturn’s increased offer from 13.5 pence per share to 14.85 pence.

Of the acquisition, Lane said: “As long-term advisers to Shanta, we are proud to have helped the board to secure this attractive transaction for shareholders. The deal showcases our sector expertise in advising listed companies operating in the natural resources sector and is also the latest example of a number of public-to-private takeover transactions which we have successfully completed in the past year.”   

Shanta CEO Eric Zurrin added: “The board are delighted to have successfully facilitated a good deal for shareholders and enabled them to realise the value of their investment in the company.  The transaction involved a number of complex issues and unexpected developments, and we took great comfort from the professionalism, expertise and guidance provided by all of our advisers, including Carey Olsen, who worked seamlessly together.” 

 



This article was originally published by a iclg.com

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