South African based Centamin plc has successfully received shareholder approval for its acquisition by AngloGold Ashanti plc in a series of important meetings held on October 28, 2024. This acquisition is part of a broader strategy to create a leading gold mining company with enhanced operational capabilities and market reach.
The acquisition, valued as part of a court-sanctioned scheme of arrangement under Jersey law, was initially announced on September 10, 2024. Both companies’ boards had agreed to the terms, and the shareholders of Centamin voted overwhelmingly in favour of the transaction during a Court Meeting and a General Meeting. The required majority was met for both meetings, with over 98% of voting shareholders supporting the acquisition.
At the Court Meeting, where shareholders voted on the scheme of arrangement, 98.08% of votes cast were in favour of the transaction. A total of 739.9 million shares were voted, with more than 75% of the voting rights supporting the acquisition. Additionally, during the General Meeting, a special resolution was passed to approve the transaction and to amend Centamin’s Articles of Association to facilitate the process.
The acquisition deal will now proceed to the next phase, pending the satisfaction of remaining legal and regulatory conditions. The Jersey Court is expected to sanction the scheme at a hearing scheduled for November 20, 2024. If all conditions are met, the transaction will become effective on November 22, 2024.
As part of the process, Centamin has also announced plans to suspend trading of its shares on the London Stock Exchange on the effective date of the acquisition. Additionally, the company has received conditional approval from the Toronto Stock Exchange to delist its shares following the acquisition.
The acquisition is expected to strengthen the combined entity’s market position in the global gold mining sector, enhance operational synergies, and create new opportunities for growth and expansion.
Source:thehighstreetjournal.com