British gold miner to list on Nairobi bourse in Sept after takeover

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Economy

Thursday August 19 2021

NSE2608g

A stockbroker at the Nairobi Securities Trade procuring and selling floor. FILE PHOTO | NMG

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By OTIATO GUGUYU

Extra by this Creator

Summary

  • The firm will be renamed Caracal Gold following a reverse takeover handle Mayflower Gold which owns gold mines in Migori.
  • A reverse takeover is the effect the target is bigger than the bidder with the consequence that the target shareholders change into majority shareholders in the bidder, therefore Mayflower can hold an even bigger stake.

British gold miner Papillon is determined to list on the Nairobi Securities Trade #ticker:NSE (NSE) mainboard in September after finishing the first section of its twin list at the London Stocks Trade this month.

The firm will be renamed Caracal Gold following a reverse takeover handle Mayflower Gold which owns gold mines in Migori.

A reverse takeover is the effect the target is bigger than the bidder with the consequence that the target shareholders change into majority shareholders in the bidder, therefore Mayflower can hold an even bigger stake.

The firm appointed Faida Investments financial institution in a three draw partnership with UK-essentially based entirely VSA Capital Runt to e-book the Kenyan list.

“Field to the mandatory approvals of the Capital Markets Authority of Kenya (‘CMA’) and the NSE, it is miles predicted that the NSE Record will be accomplished, and the Firm’s shares will initiate procuring and selling on the NSE in September 2021,” the firm acknowledged.

Mayflower announced the twin list price Sh2.1 billion at some level of President Uhuru Kenyatta’s three-day London tour but did no longer give particulars of the dates this would possibly provide shares to the public.

The Migori miner has been rising its native portfolio including the steal of Migori-essentially based entirely gold miner Kilimapesa Gold from London-listed gold miner Goldplat in January.

The gold miner can even steal a 70 p.c stake in a three draw partnership hobby in Congo Gold SARL for pursuits in the Kakamoeka Gold Project

Mayflower would possibly be the third firm to depraved-list in Nairobi and London following the footsteps of Atlas Pattern & Give a boost to Companies and products and Kakuzi.

Atlas depraved-listed in 2014 but has since left the bourse leaving Kakuzi as the categorical firm at the NSE and the London Stocks Trade.

Mayflower‘s list would give the NSE much wished boost in attracting initial public choices which hold fizzled out since stable companies akin to KenGen and Safaricom came to the market.

The NSE mainboard has failed to entice optimistic companies in potentially the most as much as the moment previous getting ideal exiguous companies in the enlargement and endeavor segment, while a entire lot of medium-sized companies hold been delisting from the bourse.

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