Cora Gold Limited has announced a restructuring of its relationship with its largest shareholder, Eagle Eye Asset Holdings Pte. Ltd., involving both the transfer of Eagle Eye’s shareholding and the assignment of rights under a proposed gold stream transaction.
Under the plan, Eagle Eye’s current holding of 228,452,256 ordinary shares in Cora, equal to 29.85% of the company’s issued share capital, is to be transferred to its subsidiary, A2MP Investments FZCO. Eagle Eye will also assign all of its rights and obligations under a binding term sheet for a gold stream transaction with Cora to A2MP.
Purpose of the restructuring
Eagle Eye has told Cora that the restructuring will consolidate its interests in the company into A2MP, a platform set up to hold all of Eagle Eye’s African mining and minerals processing interests.
Eagle Eye currently owns 97.30% of A2MP, with the remaining 2.70% held by FEDA Mining Investments Limited, the impact investment subsidiary of Afreximbank. Cora said it understands FEDA has converted a convertible loan note into equity in A2MP, although the share issue has not yet been processed. Once that issue is completed, FEDA will hold 23.99% of A2MP’s issued share capital. Eagle Eye will remain the majority shareholder of A2MP, and A2MP will remain a subsidiary of Eagle Eye.
Cora also said it understands that there is no change to Eagle Eye’s plan, strategy or intentions regarding either the shareholding or the stream arrangements with the company.
New relationship agreement
Once the restructuring is complete, the relationship agreement dated 24 March 2026 between Cora and Eagle Eye will be replaced by a new relationship agreement between Cora and A2MP. That agreement is expected to regulate the relationship between the two parties on an arm’s length and normal commercial basis.
Under the new arrangement, A2MP will be entitled to appoint one non-executive director to Cora’s board. If A2MP’s shareholding falls below 10%, the relationship agreement will terminate.
Eagle Eye and A2MP have agreed that Aryann Gupta, Eagle Eye’s representative and a non-executive director of Cora, will remain on the board after completion, with his appointment treated as one made by A2MP.
Completion is expected by 30 June 2027. Cora said further announcements will be made as required, including when the transfer of shares from Eagle Eye to A2MP has taken place.
Related party transaction
The restructuring is a related party transaction under Rule 13 of the AIM Rules. Following consultation with the company’s nominated adviser, Cavendish Capital Markets Limited, the directors of Cora — other than Aryann Gupta, who is involved in the restructuring as the representative of a related party — consider the terms of the transaction to be fair and reasonable so far as shareholders are concerned.
