Member Info for Ben18

ABX solves its obvious management succession problems and gets the best CEO in the gold business. This ought to be good news for ACA. The only reason ACA exists is because ABX's (Canadian) management couldn't get their heads and hands around African political risk and wanted out. ABX now has the best (South African) management team for handling Africa. So there is no further reason for ACA to continue as a separate listed entity. My one concern is that Bristow will conclude that ACA's assets aren't good enough for retention by the new ABX/RRS.

Counter-revolution would be my pick with all its reactionary connotations.

Supercharger, you are so relentlessly positive, are you from the Company?
Acacia is clearly in breach of the FCA disclosure rules. An announcement was made by the majority shareholder which was clearly price sensitive as shown by the 11% price reaction. Yet our Company says nothing. This is not an option under the FCA rules. If it is a leak of an imminent deal, there should the (standard form) leak announcement put out (talks ongoing, no certainty of a deal etc). If there no deal, the Company should say put out a denial. This is appalling behaviour by the Company!

If anyone from the Company monitors this site, you have a disorderly market in your shares due to the comments of Barrick's Chairman. YOU ARE REQUIRED TO MAKE A COMMENT providing clarification on Chinese involvement in our mines!!!!

Supercharger. Ask yourself whether the current Board and management have achieved anything? The answer is obviously NO. I have seen this problem on a number of occasions. The headhunters, who don't understand the mining industry, load up the board with ex-BP and Shell bureaucrat types (aren't oil and gold almost the same right) or worse ex-Anglo American failures (of which these is a very large supply), and wonder why the company completely lacks any entrepreneurial or decision-making experience. We need a clean sweep. There are plenty of well qualified mine builders with recent West African successes we could look at. We could also use a specialist resource banker to work out how to translate our portfolio into share value rather than all these bookkeepers we have currently.

And not to forget that our current CEO is a human resources type when we need either a good mining geologist or an experienced mining financier.

Supercharger. I don't think the current Chairman is right for the company. She has a super-bureaucrats background which would be great for super bureaucracies like Shell or BP. But we are no longer in that league and one of the urgent requirements is to shed the big company attitudes - and overhead. Acacia started out as an easy lunch for board members but now needs some hand-on decision-making. The two Detour Gold guys ought to have more to offer in sorting out the forward options but, even here, the challenges of mine development in Canada don't straight forwardly transfer to Africa. There is no leadership. And a buyback would be an admission of a lack of any positive ideas leading only to eventual liquidation.

I still hold them. With the attractive exploration inventory and the cash balances, the Board could restart this business with new project developments and get a better market cap. The Board is unimaginative and fixated on the 3 legacy mines and we need new thinking.

Barrick is not a plus. They don't fund the company or meaningfully support it. Their hijacking of the political discourse in Tanzania is appalling corporate governance and the deal "agreed" was unaffordable for ACA. Given the 3 mines are their IPO legacy, the political failure of these mines should have caused Barrick to do the decent thing and buy back the company from its shareholders.

When I bought into this company, it had three cash cows and was doing really good stuff on exploration. But the management driving the exploration success are all gone and I see we are selling off prospective permits. We are now without a Chairman and the company sees to be totally directionless. The sad truth is that we have to sell the 3 producing mines to the Chinese at knock down prices. The President will never allow Acacia to get back to business as normal and is stepping up the pressure with the new environmental charges. The current Board are all worthy bureaucrats but we need a total revision of direction. This company needs a new aggressive exploration and development focussed management team and new Board members who specialise in distressed companies (ie directors that are capable of making big calls).

Kenj. You are on the right lines. But to realise the plan, POG needs to raise U$200m. The bond market is most unlikely with the Fitch downgrade and the $100m convertible looming into view in 2019. And the UK market won't support a rights issue while the Cryptocurrency tycoons are in control of the register. The only source I can see is selling that half of the POX plant POG doesn't need which should raise around that amount. The previous Board were clearly looking at it. Unfortunately Maslovsky ruled it out during the proxy battle for cheap PR points. Maslovsky is also not going to liquidate a company whose CEO is his stepson and whose Chairman is the son of his best mate.

A few facts perhaps? IRC market cap today cU$80m. Debt cU$230m. Stock down from 13c to 8,7c since disappointing interim published end August. Current IRC market equity raise possibility ZERO.

POG covenants waived by ICBC but POG 100% guarantee still 100% in place. POG market equity raise possibility ZERO due to the Cryptocurrency tycoons alienating the UK institutional market.

The 3 amigos were imposed on POG by the Cryptocurrency "tycoons" at CABS/Slevin supported by the Cryptocurrency tycoon Kenges Rakishev. The current Board had almost no support from the London institutional market which voted for the previous independent Board. Share prices fall when investors head for the exit. Our Cryptocurreny tycoons have made POG almost uninvestable.

As for the refinancing of IRC, perhaps, the bank concerned also didn't look favourably on the antics of the Cryptocurrency tycoons.