La Mancha sells part of Endeavour holding while reinforcing long-term backing
Gold investor La Mancha Resource Fund sells a portion of its Endeavour Mining holding but maintains board representation and strategic commitment.
Gold investment fund La Mancha Resource Fund has sold part of its holding in gold miner Endeavour Mining, trimming its stake while confirming continued long-term support for the company.
On 8 January, La Mancha sold 8.5 million Endeavour ordinary shares through a bought deal at C$71.25 per share. The transaction, which generated gross proceeds of approximately C$605 million, represented around 3.5% of Endeavour’s issued and outstanding shares. The sale price reflected a 6.6% discount to the intraday volume-weighted average price and a 1.7% discount to the five-day VWAP.
“This transaction is part of La Mancha’s ongoing capital management strategy,” said Vincent Benoit, CEO and managing partner. “It is aimed at reducing leverage and rebalancing the portfolio following a significant increase in our exposure to Endeavour due to the strong performance of its share price.”
Benoit emphasised that the sale does not signal a change in La Mancha’s confidence in Endeavour. “We remain a committed long-term shareholder, retaining a significant stake above 10% of shares outstanding. We will continue to support the company’s strategy and management team and maintain board representation,” he added.
Naguib Sawiris will continue to represent La Mancha on Endeavour’s board of directors, ensuring ongoing involvement in corporate governance. La Mancha has been a cornerstone shareholder since 2015, when the fund contributed its interest in the Ity gold mine in Côte d’Ivoire in exchange for a strategic stake in Endeavour.
Prior to the transaction, La Mancha held over 35.2 million ordinary shares, representing roughly 14.6% of Endeavour’s issued and outstanding shares on a non-diluted basis. After the sale, the fund retains approximately 11.1% ownership in the company.
The sale allows La Mancha to rebalance its portfolio while continuing to back Endeavour’s long-term growth, underscoring the fund’s decade-long support for one of Africa’s leading gold producers.
