While most people were focused on South Africa for the World Cup over the past few weeks, the corporate finance team was thinking about Africa for a different reason – our client has the license to mine gold and diamonds in The Republic of Guinea and sought admission to the PLUS quoted market following a successful private fund raising exercise prior to admission.
David Pearl, one of the three founders of SMA, had worked with haysmacintyre in the long distance past although our primary contact for producing the historical financial analysis and working capital projections was finance director Nathan Steinberg. We have also worked on a number of transactions with lawyer Victor Hawrych at Edwin Coe LLP and PLUS corporate adviser Rivington Street Corporate Finance limited.
The company's business model is to replicate this concessionary public-private partnership arrangement with other African countries and has already had expressions of interest from discussions with the relevant authorities in other African countries.
Whilst David has many years’ experience and has notched up over 25 AIM listings during his career, he did comment that this deal was “the most exciting ever” in view of the considerable potential for revenue and profit growth. The market capitalisation of Sovereign Mines of Africa Plc on listing was £9m.
haysmacintyre acted on a similar deal in 2008 whenwe werereporting accountants on the Private Placement Memorandum for PhiGold Mining Plc, a holding company for mineral investments in the Philippines.
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