Golden Star Resources (GSR) is poised to delist from the Ghana Stock Exchange (GSE), with the relevant processes expected to be completed today, January 17, 2022.


    The move comes after a special shareholder meeting held on December 30, 2021, when shareholders of the Canadian-based mining company approved a resolution authorising the Arrangement Transaction between GSR and Chifeng Jilong Gold Mining Co. Ltd. of China, in which the latter will acquire all the issued common shares of GSR at a consideration payable in cash of US$3.91 per common share.

    Subsequently, GSR has obtained the Final Order for Plan of Arrangement from the Ontario Superior Court of Justice to effect the sale.



    Accordingly, the mining firm – which operates the Wassa Mine – has made arrangements for shareholders in the country to tender their shares in the depository or share certificate to either the GCB Registry Department or the office of Strategic African Securities (SAS) to be paid their considerations. The commencement of tendering shares began on January 12, 2022.


    Speaking at the time the deal was struck, Chief Executive Officer at GSR, Andrew Wray, said the deal – with a total transaction value of approximately US$470million – will prove mutually beneficial to all stakeholders.


    Commenting on the development, senior analyst at Nimed Capital, Joshua Adagbe, said the news will be a welcomed by investors as the share price has remained flat at GH¢9.50 for more than 36 months.


    This, he said, is largely in part due to investor-apathy toward mining stock during the period, despite an appreciation in the price of gold following onset of the pandemic as investors sought refuge in the precious metal.


    He added that savvy investors will be looking to reinvest in other stocks which are performing well on the Exchange.


    “For an investor in GSR, the news of the sale and the subsequent share buyback will be music to their ears – as there has not been any price movement in the stock for well over three years. This has been the result of lack of demand for the stock.  Smart investors will be looking to put their money into more liquid shares on the market,” he explained.


    GSR currently has 51.9 million outstanding shares, according to data from the Accra bourse. This translates to a market capitalisation of GH¢493million.



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