12 Jan, 2012
A team from Charles Russell LLP has advised Centamin plc on its corporate re-domicile to Jersey and the re-admission of the Centamin group to the Official List, the Main Market of the London Stock Exchange and the Toronto Stock Exchange.
The re-domicile, which involved putting in place a new Jersey company as the holding company of the group and was implemented by way of a scheme of arrangement in Australia requiring shareholder and court approval, was completed when the shares of the new topco Centamin plc were admitted to trading on the LSE and the TSX on 30 December 2011.
Centamin is a rapidly growing gold producer whose flagship project, the Sukari Gold Mine, is located in the Eastern Desert of Egypt some 25km from the Red Sea coast. Gold production at Sukari commenced in June 2009 making Sukari the first modern gold mine in Egypt. On admission, the Centamin group re-joined the FTSE 250 immediately with a market capitalisation of approximately £900 million.
Partners Clive Hopewell (Head of Energy & Natural Resources) and Adam Carling led the Charles Russell team working on the transaction, which also comprised associates Timothy Sumner, Nicola Rabbits, Lucy Methven, Bethan Davies and Christoper Connors.
Commenting on the transaction, Adam Carling, said, “The transaction was a multi-jurisdictional effort involving lawyers in, amongst other areas, the UK, Australia, Canada and Jersey, and as such show-cased the firm’s ability to work effectively with other relationship firms in each of those countries to represent our clients’ interests.” The legal team advising on the transaction, assembled by Charles Russell, also included Blake Dawson (Australia), Blake Cassels & Graydon (Canada), Ogier (Jersey), Sharkawy & Sarhan (Egypt) and Skadden Arps (US). Christopher Aujard, General Counsel at Centamin, instructed the external lawyers.
Client partner for Centamin, Clive Hopewell, commented: “We are delighted to have assisted Centamin with this major transaction, which marks the company’s increasingly international profile and shareholder base. The re-domicile will also align the Centamin group more closely with certain UK investor protections, including those afforded by the City Code on Takeovers and Mergers.”
RBC Capital Markets, advised by Norton Rose (Nick Adams and Emma Howes), was the company’s sponsor in connection with the admission.
Picture: Gold mine