This sale represents the culmination of a number of transactions which Ogier have advised Baker Steel Capital Managers, LLP on in relation to its investment in the Prognoz Silver Mine since the original investment in 2011.
The sale is subject to a number of conditions, including receipt of Russian regulatory approval and is expected to close before the end of March. It will see Polar Acquisition Limited retain a continued interest in the Prognoz Silver Mine, through a royalty on future silver production.
Ogier partner, Simon Schilder, led the Ogier team advising Baker Steel on the BVI law relating to this investment throughout this seven year investment period, with the assistance of patner Michael Killourhy and senior associate Rebecca Clark.
He said: “We are delighted to have been able to advise Baker Steel throughout the seven year term of this investment, which in the case of its London listed fund, Baker Steel Resources Trust Limited, has represented its largest investment.
“During the terms of this investment, we have been able to draw on a number of different experts and resources throughout the Ogier Group to provide Baker Steel with a one-stop-shop of solutions for the holding of this investment. That support has included our Guernsey and Jersey law teams, and advice on areas such as employee benefit trust structuring.”