Walkers served as Cayman Islands counsel to Endeavour Mining Corporation in its recent acquisition of Avion Gold Corporation. The acquisition of Avion creates one of the largest West African mining companies, and increases Endeavour’s forecast gold production by 50 per cent to approximately 300,000 ounces per year.
The all-stock transaction includes a US$20 million Endeavour bridge loan to Avion, to be used toward completion of upgrades on the Tabakoto mill in Mali. These improvements, coupled with construction of Endeavour’s Agbaou Project in Côte d’Ivoire, are expected to further increase gold production growth to over 450,000 ounces per year.
“Walkers is delighted to continue our long-standing relationship with Endeavour by assisting on this deal,” said Ramesh Maharaj, partner with Walkers’ Global Finance and Corporate Group in the Cayman Islands. “This transaction significantly expands the Endeavour footprint in West Africa, and we look forward to Endeavour’s success in this new chapter.”
Endeavour Mining Corporation is a gold producer owning two mines in Ghana and Burkina Faso, with a third under construction in Côte d’Ivoire. The two operational mines produce approximately 195,000 ounces per year. The third mine is expected to generate an additional 100,000 ounces per year. As companies increasingly delve into resource-rich Africa, international financial centres like Cayman play an important role by helping facilitate capital flows to and from the region, Walker said in a statement.
This summer, the DMS Scholarship programme awarded three students with funds towards their higher education. Since 2009, DMS has awarded more than $86,000 dollars in scholarships to students pursuing higher education, many of which have returned to DMS to continue their career. The scholarship awards are presented annually to residents of the community who want to begin or continue their post-secondary education in the Cayman Islands or abroad.
“We take great pride in recognising these recipients for demonstrated academic achievement,” said Laura Cahir, Business Partner People Development at DMS. Funding for the awards is made possible by the support of DMS and its subsidiaries. This year, three students were awarded $22,000 in scholarships towards their 2012/13 studies, ranging from $4,000 to $10,000.
Each of the 2012 recipients had the opportunity to work at DMS over the summer to gain experience in a department of DMS that was related to their career path. “Our scholarship programme gives priority to applicants whose area of study is relevant to the dms Organization Ltd. and/or its subsidiaries which enable us to place the students as interns during their school breaks. We feel this plays an integral role in preparing them for their career,” says Trina Savage, VP of Marketing & Communications.
DMS accepts applications from Caymanians wishing to pursue studies leading to an undergraduate academic or technical/vocational degree or diploma in a subject that will benefit the Cayman Islands.
Individuals must be accepted into an accredited college or university, community college or recognized technical or trade school at the time the award is issued. In addition to demonstrated academic ability, applicants must submit a resume and cover letter describing their career goals and why they are deserving of the DMS scholarship. Applicants must be Caymanian and be 18 years or older.
For more information or for persons seeking to apply for our 2013 scholarship they can contact Laura Cahir in DMS’ HR Department.
Digicel awarded Lloyd Barker, the 2012 Youth Community Excellence Award recipient for 2012 with a Blackberry Bold 9790. The other four finalists were also recipients of Blackberry Curve 9320 handsets at the awards luncheon held at the Grand Cayman Marriott on Saturday, 18 August. The YCEA award was established to recognise outstanding, selfless community efforts achieved by young Caymanians between the ages of fourteen to twenty.
CIBC Bank and Trust Company (Cayman) Limited has been named a finalist of the STEP Private Client Awards 2012/13. It is among five worldwide firms shortlisted for the Institutional Trust Team of the Year accolade.
Entries go through a rigorous practitioner-led three-stage judging process to select the best out of 18 categories. Andrew Needham, Director, Trust and Client Services from CIBC Bank and Trust, said: ‘We are honoured to have been selected as a finalist for the prestigious Trust Team of the Year award and to be recognised for our efforts in providing the best service and advice to our valued clients’.
More than 80 firms made the shortlist and five industry luminaries have been nominated for the coveted Trusted Advisor of the Year Award. Winners will be announced at the seventh annual gala ceremony, which takes place at the London Hilton on Park Lane Hotel on Wednesday, 19 September.
STEP will support Feed The Minds charity again. Last year, PCA entrants raised GBP56,770 for the charity.
Trinity Fund Administration
Trinity Fund Administration has received the overall top rating in this year’s Global Custodian Hedge Fund Administration Survey. After a difficult 2011 in light of slow economic growth, Trinity has regained its status as one of the leading hedge fund administrators in the global market, receiving ‘Best in Class’ awards in seven applicable categories, the firm said in a press release.
Trinity’s onshore and offshore client base has grown steadily throughout 2012 and the firm opened a New York office and operations in Brazil.