Mourant Ozannes has advised long-standing AIM and TSXV listed client Mariana Resources on its takeover by Sandstorm Gold via a Guernsey scheme of arrangement.
Mariana is an exploration and development company with a portfolio of gold, silver and copper projects in Turkey, South America and Côte d'Ivoire. Sandstorm is a gold streaming and royalty company, based in Canada.
The transaction values Mariana at £166.9 million and the offer price under the scheme (a combination of cash and Sandstorm shares) represented a premium of approximately 84.4 per cent to the closing price of 59.5 pence per Mariana share on AIM on 25 April 2017 (the last business day before the announcement of the takeover transaction).
The scheme will result in Mariana shareholders owning approximately 18.3 per cent of the enlarged Sandstorm group.
Mourant Ozannes Partner and Advocate Helen Wyatt led the team advising Mariana, assisted by corporate Counsel Alex Davies, with fellow Partner and Advocate Abel Lyall assisted by litigation Counsel Jamie Bookless.
Mariana is also advised by Jan Mellmann and Jenny Hodges of Watson Farley & Williams in London.