African mining and construction behemoth, Engineers and Planners, has acquired all ordinary shares in the mining company, Cardinal.
A release from the company owned by Mr Ibrahim Mahama, younger brother to President John Mahama, expressed excitement over the acquisition, which is valued at over half a billion dollars.
“Engineers & Planners is pleased to announce a conditional off-market cash offer to acquire all of the ordinary shares in Cardinal…The offer values Cardinal at a $564.8 million…,” the statement read.
“The Offer represents a compelling opportunity for Cardinal shareholders to realise the value and stimulate ownership of Ghanaian natural resources by per cent Ghanaian owned entity.”
Engineers & Planners is a 100 % Ghanaian-owned Mining and Construction Company, headquartered in Accra, Ghana, with a 22-year track record in mining contracting and operational excellence in West Africa.
According to the release, “Engineers & Planners’ formal Offer period will commence on 18th of November 2020 and be open until the close of trading (4pm Sydney time) on 31st December 2020, unless extended or withdrawn in accordance with the Corporations Act 2001 (Cth).”
It said the Consideration of a $1.05 per share (the “Offer Price”) represents some 59 per cent premium to the Binding Offer E&P made on 3 June 2020 to the Board of Cardinal Resources Ltd for the Ghanaian gold mining assets.
The CEO of Cardinal, Mr Archie Koimtsidis, is reportedly elated about the acquisition as well.
“It’s great to see a Ghanaian Company raise their hand and show an interest in what will be Ghana’s next multimillion-ounce gold mine,’ he is quoted as saying.