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Acacia hits out at Barrick statements on shareholder value

Wed, 19th Jun 2019 07:34

(Sharecast News) - Acacia Mining on Wednesday hit back at claims from majority shareholder Barrick Gold that shareholders faced a "catastrophic" loss of value if they opposed an offer for the rest of the troubled firm.Tanzania-focused Acacia on Tuesday agreed to extend to July 9 the deadline for Toronto-based Barrick to make a firm offer to buy the 36.1% of the company it does not already own.It said it "strongly" disagreed with "a number of statements" made by Barrick, adding that it was "surprised with the circumstances and timing of the announcement" given the request for the deadline extension."The company will provide a detailed response to the relevant aspects of the announcement, as appropriate, in due course. Shareholders are strongly urged to take no action at this time," Acacia said in a statement.Barrick's share-for-share proposal valued Acacia at $787m, almost a 9% discount to its pre-offer closing price."Barrick believes that unless a solution is found to the current impasse in the short term there is the real risk of catastrophic loss of value for all stakeholders," it said, adding that its offer "represents the only credible option to preserve, to the extent possible, the value of Acacia's assets".The Canada-based miner added that it would expect to record a "material impairment" to its carrying value of Acacia in the current quarter.The Barrick proposal followed two years of arguments with the Tanzanian government over a $190bn tax bill and an export ban over allegations of false declarations of overseas bullion sales.Acacia has been excluded from the talks with the government and Barrick negotiating on its behalf.
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10 Jul 2019 07:45

REPEAT: Barrick To Meet With Acacia Following SRK Consulting Report

(Alliance News) - Barrick Gold Corp is to meet with Acacia Mining PLC next week, it said Wednesday, following the publication of a report which valued Acacia far above Barrick's Tuesday, said

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10 Jul 2019 07:39

Barrick Gold To Meet With Acacia Following SRK Consulting Report

(Alliance News) - Barrick Gold Corp is to meet with Acacia Mining PLC next week, it said Wednesday, following the publication of a report which valued Acacia far above Barrick's Tuesday, said

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9 Jul 2019 18:11

Acacia Gives Barrick 10 Days To Mull Competent Persons Report

(Alliance News) - Acacia Mining PLC said Tuesday a competent persons report, prepared by an industry consultant, has valued its shares at 271 pence each.Shares in the miner closed 1.6% in a

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8 Jul 2019 16:52

LONDON MARKET CLOSE: Caution Prevails As Market Mulls Over US Jobs

(Alliance News) - London stocks started the new week on a cautious note after Friday's US jobs report, with traders now anticipating milder easing action from the Federal Reserve. Ocado Group

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8 Jul 2019 10:29

WINNERS & LOSERS SUMMARY: Imperial Brands Rises On Share Buyback Plans

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - WINNERS----------Imperial up 2.8%.

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8 Jul 2019 08:33

Acacia Mining Confident To Hit 2019 Output Targets Amid String Quarter

(Alliance News) - Acacia Mining PLC said Monday it was confident of achieving its 2019 gold production targets after a strong second quarter which saw its Tanzanian North Mara mine output the gold

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8 Jul 2019 07:42

LONDON MARKET PRE-OPEN: Imperial Brands, Gulf Keystone Launch Buybacks

(Alliance News) - Stock prices in London are seen opening in the red on Monday, tracking Asian equity markets sharply lower, after a strong US jobs report on Friday dented hopes the Federal will a

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5 Jul 2019 12:13

LONDON MARKET MIDDAY: Housebuilders Hurt By Slip In UK House Prices

(Alliance News) - Stocks continued to trade mostly lower at midday on Friday, as market focus remained on the US jobs report later in the day.Holding back the FTSE 100 were losses for and miners,

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5 Jul 2019 10:55

WINNERS & LOSERS SUMMARY: SIG Victim Of Weak UK Construction Market

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - LOSERS----------Anglo down 2.6%, in

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5 Jul 2019 08:43

LONDON MARKET OPEN: Stock Open Lower As German Data Disappoints

(Alliance News) - London stock prices opened slightly lower on Friday, after a fall in German factory orders was confirmed, providing a further indication of a slowing eurozone economy, but market

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5 Jul 2019 07:54

Acacia Mining Boosts Reserves At Tanzania's North Mara Mine

(Alliance News) - Successful drilling at the North Mara mine in Tanzania has allowed Acacia Mining PLC to upgrade reserves, it said Friday.As of the end of May, North Mara's Gokona mine

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5 Jul 2019 07:40

LONDON MARKET PRE-OPEN: SIG Sells German Unit After Fall In Revenue

(Alliance News) - Stock prices in London are set to open broadly flat on Friday, following subdued trading in Asia and a holiday for Wall Street, as investors await the reopening of New York and a

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1 Jul 2019 16:03

UK Earnings, Trading Statements Calendar - Next 7 Days

Tuesday 2 July IMI MobileFull Year ResultsCostain GroupTrading Modwen Year Service 3 Year

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1 Jul 2019 08:49

LONDON MARKET OPEN: FTSE 100 Hits Two-Month High On US-China Truce

(Alliance News) - Stock prices in London opened sharply higher on Monday with the FTSE 100 hitting a two-month high as investors cheered a new trade detente between the US and China.The FTSE 100 a

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26 Jun 2019 13:35

Barrick Gold Responds To Acacia; Says Offer Does Reflect Fair Value

(Alliance News) - Barrick Gold Corp on Wednesday reiterated its offer for the remainder of Acacia Mining PLC is reflective of fair value, responding to a previous statement by Acacia.On had

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