Mourant Ozannes’ Guernsey team strikes gold in acquisition advice

21 September 2017

Mourant Ozannes’ Guernsey corporate team has advised Toronto Stock Exchange-listed (TSX) company Endeavour Mining Corporation on its acquisition of Guernsey TSX-listed company Avnel Gold Mining Limited.

The takeover was completed by way of a Guernsey scheme of arrangement (the Scheme).

Endeavour is a public corporation incorporated in the Cayman Island and is an intermediate gold producer, focused on developing a portfolio of high quality mines in the West-African region. It operates five mines in Côte d’Ivoire, Burkina Faso, Mali and Ghana.

Avnel is a gold mining and exploration company with operations in south-western Mali.

Mourant Ozannes Partner Caroline Chan led the Guernsey team advising Endeavour, assisted by Counsel Alex Davies and Associate Alana Nisbet. Endeavour was also advised by Linklaters LLP in London, who managed the transaction, and Stikeman Elliott LLP in Canada.

The transaction valued Avnel at $122 million, with the offer price representing a 48% premium to the closing price of Avnel's TSX shares on the last trading day prior to the announcement of the Scheme (28 June) and a 52% premium based on the 20-day volume-weighted average price of Avnel's TSX shares on the same date.

Under the Scheme, Avnel shareholders received 0.0187 shares in the capital of Endeavour for each Avnel Scheme share held.

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