AUY.L Share Price (AUY)

The sp shot up after a new unsolicited joint offer for Yamana was made on Friday by Pan American Silver Corp and Agnico Eagle Ltd.

This was described by Yamans as a superior offer, and the directors suggested that Gold Fields might make an improved offer. However, they continues to fully support the original Gold Fields offer.

Today Gold Fields said its board had unanimously determined that it will not change the terms of its proposed acquisition.

Yamana directors had little choice but to continue backing the lower offer from Gold Fields as to do otherwise would result in a US$300m termination fee being payable to Gold Fields.

As I understand it, share holders can choose to reject the lower Gold Fields offer without the company incurring the US$300m termination fee. So I know which way I will vote.

From today's RNS -

"Jacobina had an exceptional second quarter and delivered record quarterly production of 49,662 ounces of gold. Underground mine development work is in line with the mine plan at 1,500 metres per month to gain access to new mining panels. Together with the higher ore tonnes mined, the mine development provides additional flexibility through the build-up of ore stockpiles supporting the higher throughput of the Phase 2 expansion. Production for 2022 is expected to increase for the ninth consecutive year, a trend that is expected to continue in the coming years, as a result of the phased expansion strategy and the exploration programs aimed at generating significant value from the remarkable geological upside of the property."

"The Company's phased expansion strategy at Jacobina is well advanced and the Company anticipates that the low-cost operation will have a strategic mine life exceeding at least two decades"

What goes on with the sp? Just a few of the trades from last Friday -

0-Jun-22 19:27:32 464.76147 200 Unknown* 0.00 0.00 929.52 O
10-Jun-22 20:31:26 463.53841 884 Unknown* 0.00 0.00 4,098 O
10-Jun-22 19:30:51 464.35378 300 Unknown* 0.00 0.00 1,393 O
10-Jun-22 20:53:52 462.07075 100 Unknown* 0.00 0.00 462.07 O

464.76p? Really?

Not to disparage too much, this could be another Rangold of the future for lth? You would not want to sell in a fit and regret at leisure. Let's look at the long term, before we rush to sell, consider all the possibilities, then sell or hold as the case may be.

It seems from the rns, shareholders will have choice SA or NY listed, I would expect that to follow through to London listing.