Appian Files High Court Claim Against Sibanye-Stillwater Following Termination of US$1.2 Billion Transaction
PR96244
LONDON, May 30, 2022, /PRNewswire=KYODO JBN/--
Highlights
-- Appian's claim against Sibanye in High Court of England and Wales follows
previous notice of claim
-- Appian seeks to recover the significant damages which have resulted from
Sibanye's Refusal to close a transaction worth over US$1.2 billion to
acquire two mines in Brazil; and
-- Incorrect assertion that a material adverse effect had occurred at one of the
mines
-- Appian is seeking to recover its losses in full, and Sibanye's failure to
close the transaction and incorrect public statements have materially damaged
the market perception of Atlantic Nickel and Appian
Funds sponsored by Appian Capital Advisory LLP ("Appian" or the "Company") have
filed a claim at the High Court of England and Wales seeking compensation from
Sibanye-Stillwater Limited and its subsidiary Sibanye BM Brazil (Pty) Ltd
(together, "Sibanye") for Sibanye's failure to close on a transaction, together
with other associated material breaches. The claim relates to Sibanye's
unlawful breach of two sale and purchase agreements ("SPAs") for its
acquisition of Brazilian mining companies Atlantic Nickel and Mineração Vale
Verde from Appian, and follows the notice of claim served by the Company on
Sibanye on 16 February 2022.
Sibanye's termination was based on the incorrect assertion that a geotechnical
instability at Atlantic Nickel's Santa Rita mine constituted a material adverse
effect ("MAE") under the terms of the relevant SPA. In reality, the event,
which Sibanye had previously assessed as an occurrence "to be anticipated in
mature mining operations", had minimal impact on the mine. Appian considers
that Sibanye has improperly relied on the event to avoid its legal obligations
and that Sibanye wished to terminate the SPAs for commercial reasons unrelated
to the geotechnical event. Despite repeated requests, Sibanye has failed to
provide Appian with any contemporaneous evidence to support its alleged
assessment that the geotechnical instability amounted to an MAE prior to its
refusal to close under the SPAs.
Sibanye's failure to close the transaction and incorrect public statements in
relation to the Santa Rita mine have materially damaged the market perception
of Atlantic Nickel and Appian. Through these proceedings, the Company is
seeking to recover its losses in full.
For further information:
Finsbury Glover Hering +44-(0)20-7251-3801 / AppianCapital-LON@finsbury.com
Charles O'Brien, Richard Crowley, Theo Davies-Lewis
Appian Capital Advisory +44-(0)20-7004-0951 / info@appiancapitaladvisory.com
About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term value
focused private equity funds that invest solely in mining and mining related
companies.
Appian is a leading investment advisor in the metals and mining industry, with
global experience across South America, North America, Australia and Africa and
a successful track record of supporting companies to achieve their development
targets, with a global operating portfolio overseeing nearly 5,000 employees.
Appian has a global team of 54 experienced professionals with presences in
London, Toronto, Lima, Belo Horizonte, Montreal and Sydney.
For more information, please visit: www.appiancapitaladvisory.com, or find us
on LinkedIn or Instagram.
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SOURCE: Appian Capital Advisory
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