Shanta Gold's acquisition by Saturn moves a step closer

(Sharecast News) - Shanta Gold updated the market on the recommended increased and final cash offer by Saturn Resources for its entire issued and to-be-issued share capital on Friday. The AIM-traded firm said the transaction was being implemented through a court-sanctioned scheme of arrangement.

On 2 April, Shanta said that itself and Bidco had been given unconditional approval of the acquisition from the Competition Authority of Kenya.

Following that, on 4 April, resolutions pertaining to the acquisition were passed by the requisite majorities of voting scheme shareholders at the Court Meeting and by Shanta shareholders at the general meeting.

After that, on 8 April and 16b April, Shanta announced the receipt of unconditional approval for the acquisition from the Tanzanian Fair Competition Commission and the Tanzanian Mining Commission, respectively.

Shanta announced that itself and Bidco had now secured approval of the acquisition from the Cabinet Secretary for Mining, Blue Economy, and Maritime Affairs in Kenya.

Completion of the acquisition remained contingent on satisfying or waiving the conditions outlined in the scheme document, including the court sanctioning the scheme at the court hearing.

The company said the acquisition would proceed to seek a date for the court hearing and will provide a final timetable update in due course.

It said the acquisition was anticipated to become effective in the first half of 2024, subject to the satisfaction or waiver of the conditions.

The expected timetable of principal events for the implementation of the scheme remained in accordance with the scheme document.

At the close on Friday, shares in Shanta Gold were up 1.66% at 14.74p.

Reporting by Josh White for Sharecast.com.