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IN BRIEF: Fortiana Buys 40% Stake In Highland Gold, Offers To Buy Rest

Fri, 31st Jul 2020 12:08

Highland Gold Mining Ltd - miner in Russian regions of Khabarovsk, Zabaikalsk and Chukotka - Fortiana Holdings Ltd will acquire 145.8 million shares in Highland Gold from eight shareholders at GBP3.00 each for a total of GBP437.4 million, giving Fortiana a 40% stake in Highland and valuing the whole company at GBP1.09 billion. Selling shareholders include Executive Chair Eugene Shivdler, New Evolution Trading Ltd, Matteson Overseas Ltd and Denalot Worldwide Ltd.

The price represents a 4% premium to the Thursday closing price of 288.60p.

Fortiana puts forward offer to acquire all of Highland at the same price and board's independent directors recommend shareholders accepts. Senior Independent Director Duncan Baxter agrees for his holding of 20,000 shares.

Current stock price: 298.40p

Year-to-date change: up 52%

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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