Mourant advises on takeover
THE Mourant Guernsey corporate team has advised ASX and LSE listed Resolute Mining Ltd on its takeover of Guernsey-based Toro Gold Ltd in a transaction valued at $274m., comprising $130m. of cash and 142.5m. Resolute shares.
The acquisition of Toro was undertaken by contractual takeover under the Companies (Guernsey) Law, 2008. Resolute entered into irrevocable undertakings with major shareholders comprising 94% of the issued share capital of Toro on launch of the takeover, enabling it to utilise the statutory squeeze-out procedure to acquire the balance of Toro’s shares.
The Mourant team, led by partner John Rochester and counsel Alex Davies with the assistance of paralegal Lily Haysom, advised on the Guernsey aspects of the transaction alongside Australian counsel DLA Piper (Australia) and UK counsel Bryan Cave Leighton Paisner LLP.