Member Info for BIGBangs

I agree Tiger - they now suggest that information previously forming part of the audited accounts and issued by RNS on which shareholders will have relied were poorly conceived and inaccurate - so there in itself is a compensation claim in waiting. I am still trying to give Barrick the benefit of the doubt and want to believe they are just posturing and saving face. Funny how the figures change depending on if you are a buyer or seller, what about the prospectus issued by Barrick when they floated off the 36% at £5.75 - we nor the institutions will swallow this subjective hatchet job. The GoT should act quickly, they could even be viewed as the white knights sweeping in to resolve the situation prior to international arbitration where, in my view at least, they are taking at least as big a risk as we shareholders. A fair offer or we should take it all the way.

Super I only bought the one batch.

If we can agree that the claims made by GoT of improper reporting were a tool to get a better deal which they have used to full effect and further that GoT do not want the case to go to court and potentially face a $1.3 billion bill then if they remove the obstacle to agreeing a deal and therefore the risk identified by Barrick which, in their view, justified a low ball offer then with a deal agreed allowing full production including Buly Barrick will be able to offer the fair deal we have been waiting for. Resolution changes the whole future for Tanzania and the shareholders.

I took it as a clear buy signal Tiger and added another 10000 shares. I really am hopeful that GoT will allow a deal to get done, probably subject to an agreed/supported buyout which is surely the best way to go and should be/would be transformational for the SP.

Well something positive might be on the horizon. ACA have sought and obtained the Takeover Panels permission to extend the deadline for Barrick’s offer until the 9th July. Aca would not have done this unless they were hopeful that a fair offer was possible. The RNS suggests this will give Barrick time to discuss a fair offer with minority shareholders but I speculate that the biggest discussions will be taking place with GoT - it’s their last chance to agree a resolution and remove the obstacle to a fair offer before the case reaches court.

GH - what is the board for?

Well P- If there was a conspiracy that involved people at each stage of the process and ACA did steal all the gold that GoT suggest and found some way to get it passed the auditors and launder the cash then we would be stupid to take this to arbitration if we didn’t then although the GoT may not like it, they have left us no choice but to see this through.

Yes a good read dimi - another institution comes out against the offer and Barclays estimate our claim against GoT would be $1.3 billion ie more than the value that Barrick are currently offering. I accept that the process would not be easy or straightforward but adds weight for GoT reconsidering their position about no deal with ACA. If they settle the dispute this will leave Barrick free to make a full and fair offer (2:1, everyone saves face and the mines (under whatever name and under new control) can get on with producing gold, creating revenue and securing jobs.

Broker increase (better but still way short of fair value):- BERENBERG RAISES ACACIA MINING TO 'HOLD' ('SELL') - TARGET 224 (214) PENCE

Some interesting points today guys. I want to believe that my faith in Barrick was not misplaced and that their indicative offer was to prove to GoT that without resolution to the dispute that there is nothing they can realistically do to prevent arbitration. I hope that this will now make the GoT see sense and settle on the terms previously indicated as agreed. They have been seen to punish ACA which by a stroke of the pen will cease to exist if Barrick proceed to buy us out at a fair price - fair is 2:1 so let’s see otherwise once the court find in our favour there will be no settlement and we should go for costs and loss of profit which will be massive. ATB

Well UP - I noticed your comment on Monday at 9p, it looks like we may well get the opportunity to buy in at 6p this week but will we dare to take the plunge?

Very true Super the rising gold price must make us more value to someone. I have been wrong on the timings throughout although I always used published information. I was right that Barrick would buy us out and that the Chinese are likely to buy all or some of the mines. I was wrong that Barrick would treat us well which is the thing I probably felt most strongly about especially when the £ has fallen and at today’s price 2 ACA for 1 Barrick would have given us £5.55 which would have been fair. Oh well - the game is not over yet and if they get their heads together Barrick and GoT could resolve this in a few words, removing the risk that Barrick claim to be so afraid of and clearing the way for a face saving 2:1 offer before arbitration - which we will win. Who said this would be resolved on the steps of the court?

Thanks Tiger - I don’t really understand the semantics of Odey’s references to ‘final and best’ offer and that phrasing it in such a way seems to stop ACA disputing it but he is clearly against an offer at the level proposed. I agree with him that the best route is for Barrick to buy out the minority shares but Fidelity came off the fence and suggested it is at least 50% to low - I think it is worse than that. Interesting to read that Reuter’s confirm International Arbitration commences formally in July and is expected to conclude before the end of the year - a fair resolution prior to this will be in everyone’s best interests and enable Barrick to put forward an offer we can all accept.

I am not holding my breath for $1700 (just yet) but I still think you will make a profit.

Although they have certainly got it wrong before, pundits are suggesting could go as high as $1700 this year!

All resolutions passed with virtually 100% approval across the board. Seems like an entirely standard meeting with no surprises from RNS.

Well VV, Barrick have been careful at this point not to make a formal offer they have just floated a figure to test reaction. There is likely to be a pushmepullyou clause within the shareholders agreement which could provide the only credible opportunity to remove a 64% shareholder in as much as if Barrick offer say £2 for ACA shares they do not own then if ACA (with their advisers institutions) could fund it, they could, in theory, buy out Barrick’s holding at the same offer price. Unusual and unlikely but possible.

We have all relied on the comments made by JT and MB. They have negotiated a settlement and tried to steal it which disappoints me no end. A resolution with GoT will be forthcoming and it is up to Barrick to structure an offer in such a way that we get fair value without the need for our case reaching international arbitration or for any future dispute with Barrick. If they can not handle it after 2 years of negotiations, allegedly on our behalf, then they should step aside and let someone conclude the discussions and come up with a fair offer.

I have no idea how this will pan out F but now that Barrick have shown their cards, players in the market who will be known to our institutional investors will be running the numbers and could be getting ready for a push me pull you swoop. Whatever happens now I am holding hard until the very end.

I take your point but I don’t see what they can do to change the minority opinion on there prospective offer without increasing it. I can’t see that threats will work it’s time to get real and offer us fair value.

No VV I heard nothing back whatsoever - must have the wrong letterhead!

Been following closely Super but tied up with other stuff at the moment. It will certainly be fun having Boris as PM - he has charisma which is something as long as he does not put his foot in his mouth too often although Trump gets away with it.

I have been increasing my holding a little and hold about 260 000 shares now as I believe a better offer will come forward closer to our true value. I will be disappointed at anything less than £4 which is still cheap but if we achieve that via Barrick shares then I suppose I will be content - of course others may think differently. All we need is for GoT / Barrick to announce that resolution has been achieved subject to ACA shareholders agreeing to be acquired by Barrick thus removing the risk (producing a better offer) and allowing everyone to move forward saving face.

ATVB.