Shanta Gold has secured shareholder approval for the buyout bid by Saturn Resources, or Bidco, through a Court-sanctioned scheme of arrangement.

The shareholders greenlighted the increased and final cash offer from Saturn Resources for the acquisition of the entire issued and to be issued share capital of Shanta not already owned by Bidco.

The approval was granted during the Court Meeting and General Meeting, with the necessary majorities voting in favour of the scheme of arrangement under Part VIII of the Companies Law.

The total number of Shanta Shares in issue at the Voting Record Time was 1,051,467,684, with 1,006,615,988 Voting Scheme Shares eligible for voting.

Shanta does not hold any ordinary shares in treasury, ensuring that all shares were accounted for during the voting process.

Earlier, on 2 April 2024, the deal received unconditional approval from the Competition Authority of Kenya.

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The Scheme now received the required majority in a poll vote at the Court Meeting, with a majority in the number of Voting Scheme Shareholders, representing at least 75% of the voting rights, endorsing the resolution to approve the Scheme.

The increased and final buyout proposal from Saturn Resources values Shanta at around £156.1m, up 10% from the initial bid. Under this offer, shareholders of Shanta will be entitled to 14.85p a share.

Completion of the acquisition is now subject to the satisfaction or waiver of the remaining conditions outlined in the Scheme Document.

The acquisition is anticipated to become effective in the first half of 2024, subject to meeting all remaining conditions.