Shanta Gold shareholders approve Saturn Resources takeover
Shanta Gold (AIM: SHG), an East Africa-focused gold explorer and producer, announced Thursday that the majority of its shareholders voted to approve the final cash offer to be acquired by Saturn Resources.
In December 2023, Shanta said it had agreed to a £141.95 million ($180.7 million) takeover bid by Tanzania-based Saturn.
At the time, Saturn Resources, which is part of ETC Holdings, said the the valuation of publicly listed gold companies has de-rated, adding that UK listed African gold miners were a good example of such trend, as they are now trading over 40% down on a Price to Net Asset Value (P/NAV) basis than five years ago.
Shanta owns and operates two gold mines in Tanzania — New Luika, which is the country’s fourth largest mine, and Singida. It also has the West Kenya project, believed to be among Africa’s highest-grading gold assets.
Last year, the company was approached by Shandong Gold (HKG: 1787), Chaarat Gold (LON: CGH) and Yintai Gold (SHE: 000975) but negotiations fell through.
