JOHANNESBURG (miningweekly.com) – Three proxy advisory firms have advised shareholders of dual-listed gold miner Teranga Gold to vote in favour of the company’s proposed acquisition of Oromin Explorations.
Teranga announced last month that it intended to make an offer to acquire all the outstanding common shares of Oromin that it did not already own. Teranga currently owns 18.7-million Oromin shares.
The proposed share-trade offer would constitute 80-million Teranga common shares being offered to Oromin shareholders, including Teranga's interest in the company. Oromin shareholders would receive 0.582 of a Teranga share for each Oromin share held.
Teranga executive chairperson Alan Hill said he was pleased to receive support for the proposed offer by advisory firms Institutional Shareholder Services, Glass Lewis & Co and Ownership Matters.
“This further confirms that we have the right strategy and team to move us closer to our goal of becoming a midtier gold producer. We would like to thank our shareholders for their continued support and look forward to maximising shareholder value as we execute our business plan,” he commented.
Shareholders would vote on the proposed acquisition of Oromin at a yearly and special meeting on July 18.
Edited by: Mariaan Webb