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The much-anticipated listing of the Naguib Sawiris-linked Endeavour Mining Company (LON: EDV) on the London Stock Exchange (LSE) has finally come to fruition.
In preparation for the LSE listing, Endeavour Mining, West Africa’s largest gold producer, was established as the parent company of Endeavour Mining Corporation.
The company’s entire issued ordinary share capital consisting of 250,491,755 shares was admitted to the premium listing segment of the Official List of the Financial Conduct Authority, as well as to trading on the LSE’s primary market, Proactive Investors reported.
Endeavour’s shares will trade on both the LSE and the Toronto Stock Exchange under the ticker symbol EDV, while it remains EDVMF on OTC Markets.
Endeavour President and CEO Sebastien de Montessus said the listing marks the start of a new phase in its evolution. This will see the company become the largest pure gold producer on the premium segment of the LSE with access to a deeper pool of capital.
Endeavour Mining is a multi-asset gold producer focused on West Africa, with two mines (Ity and Agbaou) in Cote d’Ivoire, four mines (Hounde, Mana, Karma and Boungou) in Burkina Faso, four potential development projects (Fetekro, Kalana, Bantou and Nabanga) and a strong portfolio of exploration assets on the highly prospective Birimian Greenstone Belt across Burkina Faso, Cote d’Ivoire, Mali and Guinea.
Sawiris, an Egyptian billionaire, is Endeavour’s leading shareholder. He holds his investments in the company through La Mancha Holdings, a privately held gold producer belonging to the Sawiris family.
La Mancha Holdings in May announced the closing of a 200-million Canadian dollar ($159 million) subscription to the shares of Endeavour Mining Corporation. Through the subscription, it received 8,910,592 common shares, thereby increasing its stake. Sawiris’ La Mancha Holdings holds 19 percent of Endeavour’s shares, followed by Van Eck Associates and BlackRock Investment Management, The National News reported.
