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Thanks Pat but those of us who are banging on about buybacks are probably aware that WB is behind us and those that don’t see the value in it evidently don’t care anyway.

Progress but a special dividend would cost a lot more and be subject to tax. Pat if you could repost WB’s note it might be helpful. Buybacks are massively effective and frequently used in the market when the case for doing so is very much less persuasive than they are here. Goodness I am beginning to bore myself now.

No 02 I think you are conflating two things. If a company just picked up in excess of a billion £ of assets free then by fines or penalties would leave them with a considerable margin - again that it what a share buyback does for ACA whist at this price.

Sorry Franky I meant to add even if your timeframe is correct then that is what the shareprice should reflect now ie future potential not a price exploited and manipulated by shorters who have no interest whatsoever in future value.

Ok Franky let me put it another way - if ACA could pick up a gold mine fully operational and with proven reserves for free today by simply paying the current owner a sum that could be recovered by collecting its debts and selling its stock would you agree that would be a good idea - if the answer is yes then that is the value a share buyback offers to us - if your answer is no then I can only accept that we are so far apart on our understanding of business that we will agree to differ. The buyback would give some sense to the shareprice and enable some, not me but others to exit and find value elsewhere - I am in until the agreement/sale has been concluded.

BagsForLife has reminded me that our share price is currently running at about £400 million - by my estimate that is about the value of the concentrate sitting at the docks and the taxes owed to us by GoT. That would mean our cash, mines, equipment, investments, licences and gold in the ground is not being given any value surely even the most pessimistic amongst us will agree that is just ridiculous. Something has got to change. If you have not requested the company commence a buyback program then shame on you

Thanks TT - I and everyone holding apart from the lucky few who have brought in the last few days are definitely well underwater. The shorters have actually done me a favour as I originally brought in at around £2.90 but have averaged down massively so when the enevitable agreement is reached I will be in a very strong position - I do not pretend to be happy but I am far from desperate. If I have misjudged you then I apologise but if anyone cares to look back at your posting record then I am sure they will be able to make up their own minds about you. Obviously the chances of the company entering into a program of buybacks is not zero and would certainly be the best use of our cash.

Good to see new investors coming on board they will no doubt bring a fresh perspective to our thread. I ignor TalygarnTom as I remember he was active last time the shorters made a push so his comments and others that have/will appear spouting gloom and doom are in my view irrelevant and partisan. I would be very happy indeed if Aca decided to invest $20million in buybacks but I think they could make a significant difference for much less. Super has proven to be very reliable with his info in the past and if he believes that Aca are now, finally, considering buybacks then that gives me confidence. The shorters have done very well here and have played their game well but they still have to repurchase the sold shares at some point which will lift the price. I have no idea how low they will push their price down before they exit, I am thinking very hard about adding some more myself and will certainly not be selling. Good luck to all that manage to hold on and let’s hope for positive news or indeed any update from the company.

I think it was Franky who speculated that perhaps the low gold price was actually acting as a brake on getting a deal sorted here. Well perhaps that deserves some more thought. In addition to the state of world politics it will not have gone unnoticed that with the gold price falling it is becoming increasingly difficult if not impossible to produce gold at a profit as AISC is higher than the gold price. That positive is not tenable. ACA have cut out a lot what would otherwise have been fixed costs by stopping production and laying off the workforce - (again as recently as this month) - why produce at a loss? That leaves gold in the ground waiting for an improvement in the market before you go to the trouble and expense of digging it up. Not much of a reason to invest but once invested a dim light at the end of what has been a long and dark tunnel. Finally the shorters will have a target in mind - I can see nothing to stop them achieving it - but once they reach it they will start buying back which might help whilst we are waiting for better news.

Well said MP. Stock just below £1 as I write but who is actually selling - since £1.90, I can’t recall even one poster who has told us that they have sold up as the pressure has got to much and they have lost faith in the future. No the shorters borrow shares from Blackrock and continually sell and buy them in the market with such skill that they get the MM’s to reduce the price. The market is against us. HOC fell and have today made some sort of stand but CEY a good company is down at 87p - the short term future of gold is uncertain and the futures market bears no resemblance to physical gold, the market simply does not work as it should. I still believe a deal will be agreed with GoT and that a sale to Chinese is likely - this will boost the share price and I will wait it out.

Trump confirms his Chinese $200bn tariff will soon be launched but does not confirm %. He trumps himself by indicating that this will be followed up with a further round of $257bn tariffs ready to go at a moments notice - Chinese yet to respond. Interesting week ahead can only help gold - surely?

Accepting that everyone is entitled to their own view. This company with $1.5 bn net assetets has $71 million debt (2017 accts). So in addition to the current cash balance they certainly have the ability borrow should a $5 million expenditure on investing in its own shares and another unexpected and inexplicable crisis arise leave ACA somehow struggling for cash. Personally I think all the bad news has already happened and the best use of the money we do have would be to invest in our own shares - if you do not want to reduce the cash balance you could divert funds from other large planned expenditure. The £3 million income confirmed in this mornings RNS would at least be a good start.

I have today again written to SMarshak@acaciamining.com asking that the board act now to undertake a share buyback. If you are invested I would encourage you to do the same - stock brought by the company can be held in Treasury as an investment and later can be sold back to the market or cancelled for the benefit of all shareholders. There really is no downside in this action and it would have a very positive effect on the share price. As a small shareholder you can do little to effect the market but you can do this.

Hi Stock - I will wait until after the month end and encourage as many as possible to do the same - the cash in the bank is of no great use but the buyback would be most effective. Was holding my breath this morning that the share was suspended but as you can see it came to nothing - KD’s resignation removed the impetus for a month end announcement so just have to see what happens.

Thanks HH - I tried a dummy buy but could not get a price - just wishful thinking on my part then. ATB

It’s 9am - no trades so far today and no firm price available on a dummy trade for amount within NMS - but no RNS - anyone?

I think it is all about risk and reward. ACA buying would up the stakes for the shorters they currently have say 1% of the company 4.1 million shares for them to hold the price back with ACA in the market would probably mean they had to up their selling probay10 fold certainly 5 fold and that is a very different level of risk for them. If a deal is to be agreed then the sooner the shorters can be squeezed out the better for the shareprice and if no deal is going to be done then why be conservative throw caution to the wind and give shareholders an option to exit at a more realistic price. I am surprised there have not been more reports of discontent from the miners who have been laid off but the Bulldozer does control the press and is not known for being open to demonstrations of any sort but the underlying sentiment cannot be good.

Hi Franky. ACA would need to invest less than $5 million in buybacks - let’s call it 4million shares - the shorters have pushed the price down with a similar punt. We currently have about $120 million in cash and it is up to the board to decide how best to utilise this for the benefit of all stakeholders - we are cash positive a big milestone considering what we have gone through. We are still spending $15 million on speculative exploration if you did not want to spend an extra $5 million you could divert €5 million to buy backs although I would do both. We are also spending many millions on developing our existing mines so they are ready to increase production when this is resolved - we could divert funds from there but I would do both. Our cash will be sitting on deposit somewhere (safe I hope) but earning poultry interest - I believe it would be a better use of funds for the company to invest in ACA stock like you and I have - the money is not lost it is invested, we believe that the price will rise as a deal will be struck at some point and therefore the shares could be sold back to the market at a profit. The buyback would show confidence by ACA that things are going to be resolved and push the shorters who seem to be trading with themselves on a daily basis out of the company. Lots of companies use buyback as a tool but our case for doing so is much stronger as we are clearly being played and have confirmed our net asset value at $2.80 as recently as June 18 - that is £2.17 today whilst our share price struggles at £1.10 - I don’t recall every seeing a better candidate for a share buyback. Gold miners exploited countries in the past - those chickens are coming home to roust I believe that gold companies now have an obligation to pay more than they did before and look after the environment and local communities better than they did before but this is a very capital intensive business with long term horizons so improvements to terms must be agreed and introduced within an agreed structure over time - I am therefore on side with Barrick’s approach at 50/50 economic interest and believe it is the future, where we lead others will follow. We should also remember that when it suited us the U.K. Government where quick to change the rules re North Sea oil is GoT any worse than us? The price of gold is used by the market to beat us with just because they can unless of course we had a willing buyer (ACA) in the wings hoovering up shares. We have already agreed that no one knows when this will be resolved we just both believe that it will be.

Interesting article Super it just shows the difficulties faced by all gold producers - gold is found it the most unstable countries. ACA have already confirmed that they are pursuing International Arbitration in tandem with their negotiations with GoT. Someone commented that the shorters may switch from short to long but that would require spectacular timing and a great deal of luck with how events unfold - I think we have already established that I just don’t understand their workings or their determination with this stock nor for that matter the 3.6 million buy reported on the 16th. I remain confident that things will come good and hopeful that the market has been given a strong sign of near term resolution by KD not resigning - Anglo is a very big job (3rd largest producer - Barrick being the biggest) - the listing rules and code of conduct preclude him from holding both positions so something has to change. Buyback a must if no announcement at the end of the month, I hope you have communicated this to the company - the more noise we make about it the more likely it is to happen - common sense would suggest we are pushing at an open door. World events continue to favour gold but the market seems to shrug this off although recent rises bode well. September marks a milestone in the equity market doubling previous bull run periods - means nothing in itself but must be an indicator of just how unusual the market is and unless you believe we have entered a new paradigm it must be due a calamitous end. Thanks for pointing us in the direction of AGK - I took a small position before the upgrade so already show a profit.

Interesting article on ZeroHedge. Stipulates that Russia are buying massive amounts of gold and dumping dollars. You might have thought that this would have lifted the price but perhaps they are cleaver and have managed to push the price down whilst they go on their spending spree - and the markets help them to do it! https://www.zerohedge.com/news/2018-08-21/russia-buys-over-800000-ounces-gold-july-it-dumps-us-treasuries