Ariana Resources plc agreed to acquire remaining 97.9% stake in Rockover Holdings Limited for £19.4 million.
The transaction is subject is approval of the shareholders of each of Ariana and Rockover, admission to AIM of the Merger Shares, Ariana receiving Rockover's audited consolidated financial statements for the financial year ended 31 December 2023, Rockover receiving Ariana's audited consolidated financial statements for the financial year ended 31 December 2023, completion of due diligence by both Ariana and Rockover, To the extent that Rockover has received notices from Dissenting Shareholders pursuant to, and in accordance with the time frame prescribed by, Section 179(5) of the BVI Companies Act, Dissenting Shareholders representing less than 5% of the Rockover Shares in issue and delivery of signed agreements in relation to the lock-in arrangements from the larger Rockover Shareholders. As of June 26, 2024, the transaction has been approved by shareholders of Ariana Resources. The transaction is expected to close on June 21, 2024. As of June 26, 2024, Completion of the all-share merger of the Company and Rockover Holdings Limited ("Rockover") in accordance with the merger implementation agreement ("Merger") is expected to take place on June 28, 2024.
Roland Cornish and Felicity Geidt of Beaumont Cornish Limited acted as Nominated Adviser to Ariana Resources.