Shanta Gold’s bidder has noted two Independent proxy advisory firms, Glass Lewis and Institutional Shareholder Services (ISS), have recommended shareholders vote in favour of the offer.
Bid vehicle Saturn Resources has made an all-cash bid worth 13.5p per share, valuing the East Africa-focused gold miner at £141 million plus an interim dividend of up to 0.15p.
Badal Patel, chief financial officer of the bidding vehicle, said: "Bidco believes that the recommendations from ISS and Glass Lewis to vote in favour of the acquisition are a further endorsement of the opportunity the acquisition represents for Shanta Shareholders.
"These recommendations are in addition to the support of the acquisition received by Bidco from Shanta's two largest shareholders, via an irrevocable undertaking and a letter of intent, and from those Independent Shanta Directors who are shareholders, representing, in aggregate, over 18% of Shanta Shares in issue."
ISS and Glass Lewis are independent, third-party proxy advisory firms that provide proxy voting recommendations to pension funds, investment managers, mutual funds, and other institutional shareholders.