DLA Piper Casablanca advises on acquisition of Moroccan Salts Ltd by Emmerson Plc
13 July 2018 – DLA Piper in Casablanca has assisted Moroccan Salts Limited (MSL) in its reverse takeover acquisition by Emmerson Plc, paving the way to its listing in the London Stock Exchange.
Emmerson acquired the entire share capital and voting rights of MSL for a total price of GBP 10 million, satisfied by the issuance of 333.3 new ordinary shares of a nominal value of GBP 0.03. The oversubscribed placing raised GBP 6 million.
Having entered into an agreement with MSL in October to acquire the company, the completion of the transaction means Emmerson now owns a 100% interest in the Khemisset Potash Project in Morocco.
The funds raised will allow Emmerson to continue the development of the Khemisset potash project.
In accordance with the requirements of the London Stock Exchange, the Casablanca team's services included a detailed review of MSL's Moroccan subsidiaries and the project's mining titles. The finalized review cleared the way for the reverse takeover and subsequent relisting of Emmerson Plc.
The DLA Piper team was led by counsel Peter Finan and partner Saad El Mernissi (both Finance, Projects & Restructuring group) and Associate Marie-Michele Banzio (Corporate group).
Christophe Bachelet, Country Managing Partner in Casablanca, commented "We are delighted to have played a part in facilitating such a positive outcome for our client. This was an important transaction for our office in Casablanca, and is further evidence of the confidence shown by international investors in the Kingdom of Morocco."
Robert Wrixon, Executive Director of Emmerson Plc said: "We've been very impressed by DLA Piper's work on this transaction, allowing for a smooth and timely completion to this transaction. With global demand for potash increasing, Morocco provides us with a stable and attractive environment to develop our operations and to benefit from its easy access to major markets".
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