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TAKE PROFITS Centamin (CEY)

Close Centamin (CEY) at market (150p)

Recent developments in Centamin have led us to decide to take profits on our positions. The company has recently announced a takeover deal with AngloGold Ashanti, valued at approximately £1.9 billion. Under the terms of the agreement, Centamin shareholders will receive a combination of new AngloGold Ashanti shares and cash, representing a premium of around 36.7% over Centamin’s share price prior to the announcement. This substantial premium reflects the market’s positive reaction to the strategic fit of the deal, which aims to combine Centamin’s flagship Sukari gold mine with AngloGold Ashanti’s broader portfolio.

Given the favourable terms of the acquisition and the significant premium being offered, selling now allows us to lock in gains from this premium. The market’s positive response and the premium offered indicate that this is an opportune moment to realise profits. While the acquisition is expected to proceed, with regulatory and shareholder approvals likely given the terms, selling now mitigates any potential risks associated with deal completion uncertainties or future market fluctuations.

Profit (inc dividends):

Tranche 1: +49.5%

Tranche 2: +39.7%

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