Ariana Resources PLC (LON:AAU) plans to pay a special dividend to shareholders once its mooted joint venture deal with Turkish conglomerate Özaltin goes through.
Özaltin will be acquiring 53% of the Salinbas exploration project as well as 53% of the Zenit Madencilik joint venture which is currently owned by Ariana in a 50:50 partnership with Proccea, and which runs the producing Kiziltepe mine.
Özaltin will pay Ariana US$30mln cash for its stake, which will leave Ariana with 23.5% of Zenit, as well as significant board representation.
The special dividend is likely to amount to 50% of net proceeds after costs and tax.
"Over the past few months Ozaltin, Proccea and Ariana have been working towards preparing the required agreements in order for the proposed joint venture to proceed,” said Ariana’s managing director Dr Kerim Sener.
“Following the formal commitment by Ozaltin to finalise the definitive agreements in July, the parties have completed final and mutual legal and corporate due diligence. In addition, certain corporate and other structural changes have now been finalised, which enable the deal to be completed, having secured preliminary government approvals in Turkey.”