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I prefer to look at this as an opportunity to buy, which I have. Been following for a while attracted by divi but also a company I use. They raised the matter with FCA themselves and from how I read the RNS this is not an error in reporting specific to some failing within Lookers but something they are concerned about affecting industry reporting. Whatever the issue turns out to be it is unlikely to cost them as much as the SP fall might suggest. Worth a punt in my view.

More likely just a reflection of the gold price F. Hopefully constructive discussions are continuing which hopefully include GOT.

As I had mentioned to VV some stocks I thought I should update:- sold Nano 70% gain - probably more to come but I took the profit, sold LWB = not going anywhere and indications are for a further fall, brought more MTRO, still hold SAGA, bought CIF suffered with Woodford connection and bought Lookers - reported themselves to FCA about finance commission reporting fell about 40% - good divi. Not wanting to take away from ACA board so I do not propose to continue updates. ATB

GH - I think the press have reported that the case comes before the International Court of Arbitration mid July - presumably a little time after Barrick’s extension period ends on the 9th July. No point seeking another extension and they will not be allowed to make another offer for 6 months I think. If GoT to not remove the obstacle then they could well face a $1.3 billion bill - at this point I don’t think we have anything to lose - the deal that Barrick have offered is already worst case.

I was hoping to find something constructive, perhaps along the lines of:- difficult to determine specific values but will work through conclusions to try bridge the gap; talking with GoT to try and find way through block; put forward various options for GoT to consider; outlined the difficulty that their latest position creates, hopeful that we can come up with something, arranged meeting with President but we get none of that just a dogged entrenchment - disappointing when I had such high hopes for Barrick and MB. Still time, do nothing, hold hard - Odey increasing his position helps it is almost impossible for Barrick to achieve 90% approval for hostile takeover without being more realistic as to fair value. Still hopeful that GoT will remove unnecessary and counter productive clause.

Indeed Acacian, I am very aware of Mr. Sawiris who has I believe put half of his considerable fortune into gold. He is I think the Chairman of Endeavour Mining a company that has been mentioned here before in connection with ACA and Barrick. Endeavour were interested in ACA before the dispute and May well be considering an offer again now - hope so.

The article was published at 9.21 today - anyone with an iPhone can view in its entirety but as many will know you cannot link it.

Investor.com via Apple news report that ACA have $7 billion gold reserves:-
‘The market applies sharp discounts miners’ resource bases – Acacia’s market value is $983 million, while just its proven and probable gold reserves are worth over $7 billion at current prices, and it has hundreds of millions of dollars more in silver and copper by-product on its books. Miners with more speculative projects can trade even more cheaply. That means that the upside for investors can be enormous. However, there are reasons why gold itself is considered the safe haven, rather than the companies that produce it.’

Barrick come on 2:1 or if you prefer 0.5 Barrick for 1 ACA.

Surely if GoT agree to the deal they will end up getting more anyway with a 50:50 split of economic interest - higher gold price = more income/profit = greater amount to GoT. All they need to resolve the dispute with ACA and everything can move forward at a pace.

Hi Sach, I like SHG and hold a small position, gone up quite a lot recently, I didn’t suggest it as I thought the if GoT go rogue then all miners in Tanzania will suffer. Having said that if SHG can produce the gold they hope for then the SP could rocket.

Not SAGE sorry - SAGA

VV, I think I must be by nature a Contrarian - I have recently taken small, market size, positions in Nano - LWB - INDV and Sage all suffering and just possibly oversold. I have taken a larger position in MTRO as I think any good news or at least no bad news and this will get back to £9+ quickly. Not for the faint hearted.

Hi VV why not take a detour before reinvesting in gold - try Metro fallen back to offer price at about £5.04 - worth a punt. Of course DYOR.

To add insult to injury the Barrick offer (and comment) is now actually holding us back!

Gold now topped $1417

Very comprehensive thank you ACA. I agree with Tiger a clear roadmap if things do not get sorted. Quite a tightrope that the ACA board have had to tread here but I think they have managed it well. Although I do not agree with Pat’s figures I do agree that MB is not just acting like the businessman we know him to be and should expect but he is trying to take unfair advantage of a situation that Barrick were responsible for making, creating a breach of trust. Barrick forced their way into the room to negotiate ostensibly on our behalf, we have a right to expect them to act in good faith on our behalf - I think we have a right to be disappointed in the way they have tried to turn events to their own ends and now try to dispute previously accepted prospects undermining the value and integrity of ACA. Under atrocious conditions we will produce c525000 ounces (bloody well done!) with the potential to double that when things get back to normal - Ginger wants us to look at the fundamentals- there they are. Rising gold only makes our case stronger. If none of this had happened our SP would, as Super alluded to, be £7 plus. If we were trading at our true value and Barrick said a no premium acquisition I would be happy but not at a the deeply discounted prejudiced price currently being mooted. The GoT could sort this by removing the unnecessary and restrictive clause they have recently come up with and they would still achieve everything that they wanted. We do not want to go to arbitration (although I am very pleased we had the foresight to begin the process and that the case is now imminent) the biggest losers will be the people of Tanzania or Barrick but we as ACA have been left with no choice but to pursue this route aggressively unless we are given an exit which takes into account the true fair value of our investment here - 2:1.

Super, Franky, I have not forgotten that JT commented that it was almost 100% certain that the Chinese would buy ACA - if Barrick can’t conclude a deal with the GoT I am sure that the Chinese can and produce give us a premium on the value of our shares which all things being equal is now over £6.

I think the cost associated with developing a full mining project in Kenya are a barrier to entry for ACA at the moment but whatever it was worth a few months ago a projected ore reserve of 1.3 million ounces is worth a lot more today.

Still hopeful that GoT will remove restrictive clause - or the mining minister who voiced it and Barrick will offer fair value 2:1. Hold hard.

Must represent a fair risk at this price - I’m in.

Strangely without the offer in play the SP would be very much higher - we just don’t seem to catch a break. With Buly online and going on the pre dispute accounts we would be producing 925,000 ounces putting our market cap up by $1 billion. It’s ok to say we will benefit by the rising Barrick SP but it is the buy in value that is important for us to achieve fair value.

Could I respectfully suggest to those advising Mr Bristow, than instead of undermining the value of the assets and making legally questionable statements to journalists by continuing to attack ACA that he gets on his plane and speaks directly with John Magufuli the President of Tanzania. That way he may actually achieve a resolution to the dispute as agreed by John Thornton. To assist him further I would suggest that he points out that the irrelevant clause we are told has been included to deny ACA being a counter-party to the agreement is an unnecessary and ultimately irrelevant obstruction that is blocking progress. He could easily undertake that following resolution or as a condition of it that Barrick will acquire the shares it does not own in ACA enabling it to rebrand and delist. Without the dispute hanging over its head Barrick will view the value of the ACA assets very differently and can make a fair offer that will be supported by the ACA board and minority shareholders enabling the delisting. There is absolutely no reason for the GoT to object to this and it would facilitate ceasing the arbitration process which otherwise has no option but to continue. Mr Magufuli has remained wisely quiet but it is he that can break this deadlock and if Barrick seem to have lost the plot he can help achieve a fair and negotiated settlement before things reach the point of no return.

As unpleasant as the article may be and without condoning illegal action there is nothing actually new within it, it has been the subject of controversy since the mine was restricted and before ACA’s existence. Poverty in Tanzania is an issue - all goldmines have similar incidents reported - it is more a statement on society than ACA.

I note ACA rebuttal of Barrick’s RNS - they advise us to hold and will comment further in due course.

If Barrick are truly worried that GoT will siege the mines then it is in their interest to protect their assets by seeking a resolution to the dispute that does not unfairly penalise minority shareholders, there is a strong case for them paying more than the shares are worth (rather than less) to secure the block.

The GoT will lose at arbitration, they know this and they could face a $1.3 billion fine rather than a better deal and $300 million the risk for them is considerable. GoT are are being blamed for refusing to have ACA as a counter party to the agreement, this is a pointless exercise, they should agree to the deal they have initialled and push Barrick to make a full and fair offer to take out ACA minority shareholders, delist ACA and it need never be mentioned again. Clever presentation of this will make it appear that GoT has total victory. If they are foolish enough to continue the dispute or nationalise the mines then investment in Tanzania is finished and they are another Zimbabwe.

I feel battered but remain hopeful that this will work out.