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Client Work

Mwana Africa announces completion of takeover bid for SouthernEra Diamonds

Fasken
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Mwana Africa

On September 19, 2007, AIM listed Mwana Africa PLC announced that its offer for any and all of the Class A common shares of SouthernEra Diamonds Inc. not already owned by Mwana and its affiliates had been completed, with a total of 123,885,065 SouthernEra shares being validly deposited to the offer. In addition, notices of guaranteed delivery for deposits of approximately 8,553,547 million SouthernEra shares had been received. Mwana also announced that it would take-up all SouthernEra shares validly deposited to the offer and not previously taken up by Mwana. On September 21, 2007, Mwana announced that an additional 4,630,284 ordinary shares of Mwana had been issued and allotted in relation to the completion of Mwana's offer and that Mwana beneficially owned 148,872,112 SouthernEra shares, representing approximately 84.2% of the outstanding SouthernEra shares. Mwana intends to cause a meeting of SouthernEra shareholders to be held to consider a transaction whereby Mwana or an affiliate of Mwana will acquire any SouthernEra shares not deposited under the offer. Mwana intends to de-list the SouthernEra shares from the TSX and to cause SouthernEra to cease to be a reporting issuer under the securities laws of each province of Canada in which it is a reporting issuer and to cease to have public reporting obligations in any jurisdiction in which it currently has such obligations. Mwana Africa is a pan-African resources company with operations in Zimbabwe and South Africa, and a range of exploration projects and interests in the Democratic Republic of Congo, Angola, Ghana and Bostwana. Mwana was advised in this transaction by a team from Fasken Martineau that included Al Gourley, Richard Steinberg, Robert Shirriff QC, Aaron Atkinson, Dimitri Cavvadas, Martin Fisher-Haydis, Daniel Batista, Annelise Barradale and Brad Freelan (securities/mining), Huy Do (competition) and Mitchell Thaw (tax).

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