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Highland Gold higher as it agrees to £1bn takeover deal – Gold Mining News Hub
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Highland Gold higher as it agrees to £1bn takeover deal

July 31, 2020
in Uncategorized
2 min read
Highland Gold higher as it agrees to £1bn takeover deal
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Investors in line to cash in from the sale include Russian billionaire and Chelsea FC owner Roman Abramovich

Highland Gold Mining Limited () has agreed to a takeover offer from Fortiana Holdings Limited that values the group at just over £1bn.

The AIM-listed firm said under the deal Fortiana will offer Highland Gold investors 300p per share, a 3.8% premium on its closing price on Thursday, to purchase the 40.06% of the company’s shares that it does not already own.

READ: Highland Gold reaffirms full-year guidance after in-line second quarter

Shareholders in line to cash in from the sale include Russian billionaire and Chelsea FC owner Roman Abramovich, while Fortiana said the acquisition will allow it to “participate in the realisation of Highland Gold’s upside potential through production, organic growth and Fortiana’s positive outlook on future gold price performance”.

Highland is one of the leading gold miners in Russia with several mines in the regions of Zabaikalsk, Khabarovsk and Chukotka, which are among the country’s top-10 gold producing areas.

“This is a strategic investment for us, in line with our aim to build a broader asset portfolio in the natural resources sector in Russia. This transaction adds to our existing strategic investments like the Ozernaya Mining Company, which is developing zinc-lead and gold-zinc deposits, as well as several gold mining assets and prospective deposits in the Zabaikalsk region”, Fortiana’s ultimate beneficial owner Vladislav Sviblov said in a statement.

“We believe that Highland Gold is an attractive asset that has sustainable cost advantages, attractive deposits as well as a strong and experienced management team. Highland Gold is fundamentally well-positioned to further develop its asset and project portfolio, and to monetise its substantial resource base for the benefit of its shareholders”, he added.

Highland’s shares rose 3.7% to 299.8p in early deals on Friday.



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