London, July 17, 2008—Shearman & Sterling has acted as international counsel to AngloGold Ashanti Limited in connection with its landmark $1.7 billion rights offering. The rights offering was highly successful, having been more than five times oversubscribed. It was fully underwritten by Goldman Sachs, UBS, Morgan Stanley and JPMorgan.

In order to maximize participation by AngloGold Ashanti’s geographically diverse shareholder base, the rights offering was extended to holders of AngloGold Ashanti’s ordinary shares and NYSE-listed American Depositary Shares in the United States, and required close coordination with securities regulators and stock exchanges in South Africa, the United States, Australia, Canada and Ghana.

Commenting on the deal, Shearman & Sterling partner Richard Price said: “We are delighted to have advised AngloGold Ashanti on this important transaction, which enjoyed phenomenal support from the company’s shareholders. It is one of only a few rights offerings in which ADS rights have been listed and traded on the NYSE to allow non-participating ADS holders to realise the full value of their rights.”

The net proceeds of the rights offering will be used to reduce AngloGold Ashanti’s significant gold hedging position, which has adversely affected its financial position in recent years, and to fund its existing development projects and exploration initiatives.

The Shearman & Sterling capital markets team advising on the rights offering was led by Richard Price and included London counsel Mehran Massih, Tokyo counsel Rob Ferguson, London associates Laura Rich and Ruth Chun and London trainee Laura Capelin. 

For additional information contact:
Hayley Martin | London | +44 20 7655 5986 |