Fintech PR
Appian victorious in High Court claim against Sibanye-Stillwater following unlawful termination of US$1.2 billion transaction
LONDON, Oct. 10, 2024 /PRNewswire/ — Appian Capital Advisory LLP (“Appian”), the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries, welcomes today’s ruling from the High Court of England and Wales that Sibanye-Stillwater Limited and its subsidiary Sibanye BM Brazil (Pty) Ltd (together, “Sibanye”) are liable for damages caused by unlawfully terminating their US$1.2 billion transaction with Appian to acquire shares in Atlantic Nickel and Mineração Vale Verde in January 2022.
Highlights
- High Court decision vindicates Appian’s position that Sibanye breached its contract by terminating its acquisition of Atlantic Nickel and Mineração Vale Verde without any legal basis
- The Judge held that Sibanye is liable to compensate Appian for the losses caused by its unlawful refusal to close the binding US$1.2 billion deal
- Appian will seek to recover its losses in full, including interest that would have accrued since January 2022
- The quantum of these damages will be determined at trial in November 2025
- The full judgment on the liability case is available here
The judgment was handed down following a five-week trial in the commercial list of the English High Court. The ruling vindicates Appian’s claim that Sibanye unlawfully breached two sale and purchase agreements (“SPAs”) for its acquisition of the Brazilian mining companies Atlantic Nickel and Mineração Vale Verde.
Sibanye’s termination was based on the incorrect assertion that an insignificant and minor geotechnical event (“GE”) at Atlantic Nickel’s Santa Rita mine in November 2021 constituted a material adverse effect (“MAE”) under the terms of the SPAs. The event, which Sibanye had previously assessed as an occurrence “to be anticipated in mature mining operations”, had minimal impact on the mine. In 2022, the mine produced 117kdmt of nickel concentrate representing a 9% year-on-year increase and delivered strong financial growth with EBITDA increasing by 65% year on year. Sibanye improperly relied on the event to avoid its contractual obligations.
In the High Court ruling, Justice Butcher determined that “the GE was not and would not reasonably have been expected to be material, and none of the bases relied on by the Defendants (Sibanye) demonstrated that it was or would” and that “there was no other basis on which the Defendants (Sibanye) were entitled to terminate the SPAs.”
Today’s ruling dictates that Sibanye is liable to compensate Appian for all of the damages which resulted from Sibanye’s unlawful termination of the US$1.2 billion transaction. Appian will seek to recover these losses in full, including the significant interest that would have accrued since January 2022. The hearing to deal with the quantum of these damages will be tried in November 2025. If Sibanye cannot pay in full the damages awarded to Appian in the quantum trial, Appian will pursue all enforcement options.
Atlantic Nickel’s Santa Rita project is one of a few long-life nickel sulphide mines, with a copper, cobalt and platinum group metals by-product, producing globally. Atlantic Nickel will continue progressing the asset’s large underground extension development through the transition from open pit to underground mining. The underground development with higher-grade nickel will increase the production rate and extend the life of the mine to over 20 years.
For further information:
Appian Capital Advisory LLP:
Andrew Todd, Head of Communications: +44 7990416759 / [email protected]
+44 (0)20 7004 0951 / [email protected]
FGS Global:
Charles O’Brien, Richard Crowley: +44 (0)20 7251 3801 / [email protected]
About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to the Appian Natural Resources Funds, which are long-term, value-focused funds that invest in metals, mining, and adjacent industries.
Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa. It has a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing nearly 5,000 employees.
Appian has a global team of 85 experienced professionals with presences in London, New York, Hong Kong, Toronto, Vancouver, Lima, Belo Horizonte, Montreal, Dubai, Johannesburg and Perth.
For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram or Twitter/X.
Photo: https://mma.prnewswire.com/media/2527820/Appian_Capital_Advisory_LLP.jpg
View original content:https://www.prnewswire.co.uk/news-releases/appian-victorious-in-high-court-claim-against-sibanye-stillwater-following-unlawful-termination-of-us1-2-billion-transaction-302272971.html
Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg
View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
Photo – https://mma.prnewswire.com/media/2557788/image.jpg
Photo – https://mma.prnewswire.com/media/2565550/Image2.jpg
Logo – https://mma.prnewswire.com/media/2449955/5026987/AIMA_Technology_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
-
Fintech4 days agoFintech Pulse: Industry Updates, Innovations, and Strategic Moves
-
Fintech3 days agoFintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations
-
Fintech PR3 days agoTAILG Represents the Industry at COP29, Advancing South-South Cooperation with Low-Carbon Solutions
-
Fintech PR4 days agoROLLER Releases 2025 Attractions Industry Benchmark Report, Unveiling Key Trends and Revenue Strategies
-
Fintech6 days agoFintech Pulse: Navigating Expansion, Innovation, and Sustainability
-
Fintech5 days agoFintech Pulse: Milestones, Partnerships, and Transformations in Fintech
-
Fintech PR2 days agoAlkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
-
Fintech PR4 days agoThe CfC St. Moritz Announces New Speakers from BlackRock, Binance, Bpifrance, Temasek, PayPal, and More for Upcoming 2025 Conference