ETC Holdings (Mauritius) Limited agreed to acquire Shanta Gold Limited (AIM : SHG) on December 19, 2023. ETC Holdings (Mauritius) Limited reached agreement to acquire Shanta Gold Limited from Eric Zurrin, Anthony Durrant, Keith Marshall, Sustainable Capital Africa Alpha Fund managed by Sustainable Capital Limited, Sand Grove Capital Management LLP and others for approximately £160 million on December 20, 2023. Under the terms, £0.135 per share in cash will be paid. On 19 December 2023, ETC Holdings and Bidco entered into an interim facilities agreement with The Standard Bank of South Africa Limited and Nedbank Limited, The Standard Bank of South Africa (acting through its Isle of Man branch) and Nedbank Limited (acting through its London Branch) as original lenders (the ?Lenders?), and The Standard Bank of South Africa as agent (the ?Agent?) and security agent (the ?Security Agent?) to provide a term loan facility in an aggregate amount of up to $150 million (£117.5925 million). The Independent Shanta Directors intend to recommend unanimously that Voting Scheme Shareholders vote in Favour of the Scheme Transaction. The transaction is conditional upon, Approval from Scheme at the Court Meeting Shareholders approval at general meeting, Competitive authority, regulatory approval and Third-party clearances. The transaction is expected to complete in H1 2024. As of March 19, 2024, ETC Holdings increased and Final Offer, Scheme Shareholders will be entitled to receive £0.1485 in cash for each Scheme Share and increased offer price values Shanta at approximately £156.1 million. As of April 2, 2024, Competition Authority of Kenya approved the deal. As of April 4, 2024, Shanta Gold shareholder and court approved the deal. As of April 8, 2024, Shanta received unconditional approval of the Acquisition from the Tanzanian Fair Competition Commission. As of April 16, 2024, Shanta and Bidco received unconditional approval of the Acquisition from the Tanzanian Mining Commission. As of April 19, 2024, Shanta and Bidco have received approval of the Acquisition from the Cabinet Secretary for Mining, Blue Economy and Maritime Affairs in Kenya. As of April 24, 2024, It is anticipated that each Shanta Shareholder holding Shanta Shares at the relevant record date of 2 April 2024 will receive and retain an interim dividend of 0.15 pence per share which is expected to be paid on 26 April 2024. Shanta intends to seek the Court's sanction of the Scheme on 8 May 2024, and the Acquisition will become Effective during H1 2024.

Matthew Armitt, Miles Cox, Jennifer Lee of Joh. Berenberg, Gossler & Co. KG, London Branch acted as financial advisor to ETC Holdings (Mauritius) Limited. Scott Mathieson, Tim Medak, and Mark Harrison of Liberum Capital Limited acted as financial advisor to Shanta Gold and Liberum as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable to board of Shanta Gold. Giles Distin and Rona Bar-Isaac of Addleshaw Goddard LLP is acting as legal adviser to Bidco and ETC Holdings on English law; Mourant Ozannes (Guernsey) LLP is acting as legal adviser to Bidco and ETC Holdings on Guernsey law; RBG Legal Services Limited, trading as Memery Crystal, is acting as legal adviser to Shanta on English law; and Carey Olsen (Guernsey) LLP is acting as legal adviser to Shanta on Guernsey law. Computershare Investor Services (Guernsey) Limited is the registrar to Shanta Gold.

ETC Holdings (Mauritius) Limited completed the acquisition of Shanta Gold Limited (AIM : SHG) from Eric Zurrin, Anthony Durrant, Keith Marshall, Sustainable Capital Africa Alpha Fund managed by Sustainable Capital Limited, Sand Grove Capital Management LLP and others on May 10, 2024. As of today scheme of arrangement has become effective and Anthony Durrant, Elodie Grant Goodey, Eric Zurrin, Keith Marshall, Matthieu Bos and Michelle Jenkins, are expected to tender their resignations and step down from the Shanta Board with effect from the cancellation of admission to trading of Shanta shares at 7.00 a.m. (London time) on May 13, 2024.