Announcement: Liberum is acting as Sole Financial and Rule 3 Adviser, Nominated Adviser and Sole Broker on a recommended cash offer for Shanta Gold

Shanta is an East Africa-focused gold producer, developer and explorer. Alongside its Tanzanian assets, the New Luika Gold Mine (“New Luika”) and the Singida Gold Mine (“Singida”), Shanta also owns the West Kenya Project in Kenya with defined high-grade resources and prospecting licences.

ETC Holdings is a multi-billion dollar global conglomerate with expertise across multiple industries, encompassing agricultural inputs, logistics, merchandising and processing of agricultural commodities, supply chain optimization, digital transformation, metals and energy. Ketan Patel, Non-Executive of Shanta, is an ultimate beneficiary owner of ETC Holdings and part of the original founding team of Shanta in 2001.

The Consideration of 13.5 pence per Shanta Share represents a premium of approximately:

• 6.72 per cent. to the Closing Price of 12.65 pence per Shanta Share on 19 December 2023 (the "Latest Practicable Date");
• 23.28 per cent. to the volume-weighted average Closing Price of 10.95 pence per Shanta Share for the three month period ended on the Latest Practicable Date;
• 32.63 per cent. to the volume-weighted average Closing Price of 10.18 pence per Shanta Share for the six month period ended on the Latest Practicable Date; and
• 27.74 per cent. to the volume-weighted average Closing Price of 10.57 pence per Shanta Share for the twelve month period ended on the Latest Practicable Date
  
  

Liberum has been Nominated Adviser and Broker to the Company since September 2020 and previously acted as joint bookrunner on the Company’s £31m capital raise in October 2020.

The transaction is subject to shareholder and regulatory approvals and anticipated to close in H1 2024.

Liberum Team
Investment Banking
Corporate Broking – Scott Mathieson, Kane Collings, Nikhil Varghese
M&A – Tim Medak, Mark Harrison, Matt Hogg