Proxy advisory firms support OceanaGold/Romarco merger
TORONTO (miningweekly.com) – OceanaGold’s C$856-million all-scrip offer for Canadian project developer Romarco Minerals has been backed by Independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co.
The advisory firms recommended that shareholders of Romarco and OceanaGold vote for the respective resolutions proposed by each company, to approve the plan of arrangement of Romarco and to issue shares by OceanaGold under terms of the plan of arrangement.
“Their [ISS and Glass, Lewis & Co] endorsement of the resolutions highlights the strategic rationale for both companies. The combination of OceanaGold and Romarco is expected to create the lowest-cost gold producer in the sector, which will be propelled by a portfolio of high-quality assets with long mine lives and significant projected free cash flow generation,” triple-listed OceanaGold advised.
The company had in July offered to buy Romarco’s Haile project in an C$856-million all-scrip offer.
Romarco shareholders would receive 0.241 of a common share of OceanaGold for each common share, giving Romarco shareholders 49% of the combined company if the deal closed.
Romarco and OceanaGold shareholders would vote on the transaction at their separate special meetings, scheduled for September 28.
Haile was expected to produce about 540 000 oz/y from 2017 at an all-in sustaining cost (AISC) of less than $600/oz. During the mine’s first year of operation, the AISC was expected to be as low as $414/oz of gold.
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