Mwana locks up 40% of SouthernEra

The proposed takeover of SouthernEra Diamonds (SDM-T, SRE-L) moves but slowly, slowly for Mwana Africa (MWA-L).

The London-listed gold and nickel producer said it had arranged extensions to existing lockup agreements with SouthernEra shareholders, and has agreements covering just under 40% of SouthernEra stock up to the end of June.

Mwana announced it was offering one Mwana share for 2.3333 SouthernEra shares in March.

SouthernEra said it was monitoring developments, and that it “continues to explore strategic alternatives” to the deal.