La Mancha trims Endeavour stake, remains long-term shareholder
Gold investor La Mancha Resource Fund has sold a portion of its holding in gold miner Endeavour Mining, reducing its stake while confirming continued long-term support for the company.
On January 8, the fund sold 8.5-million Endeavour ordinary shares, representing about 3.5% of the company’s issued and outstanding shares. The transaction was conducted through a bought deal at C$71.25 a share, generating gross proceeds of about C$605-million.
The sale price represented a 6.6% discount to the intraday volume-weighted average price (VWAP) and a 1.7% discount to the five-day VWAP.
“This transaction forms part of La Mancha’s ongoing capital management strategy, aimed at reducing leverage and rebalancing the portfolio following a significant increase in the fund’s exposure to Endeavour owing to the strong performance of its share price.
“The La Mancha group has been a cornerstone shareholder of Endeavour for over a decade and this transaction does not reflect any change in our conviction in the company’s long-term potential.
“We remain a committed long-term shareholder, intend to retain a significant stake in excess of 10% of shares outstanding, together with board representation and continue to fully support Endeavour’s strategy and management team,” La Mancha CEO and managing partner Vincent Benoit said.
La Mancha confirmed that Naguib Sawiris will continue to represent the fund on Endeavour’s board of directors.
The La Mancha group played a foundational role in the company’s development, beginning with a 2015 strategic partnership in which the group contributed its interest in the Ity gold mine, in Côte d’Ivoire, in exchange for a cornerstone position in Endeavour.
Immediately prior to the sale, the fund held more than 35.2-million ordinary shares, representing about 14.6% of Endeavour’s issued and outstanding shares on a nondiluted basis. Following the transaction, the fund retains an ownership interest of about 11.1%.
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