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I would not expect Barrick to make an offer now in advance of the AGM in two days time, however they will need to if they intend to afterwards as they are running out of time. I see the timing all important here and they are waiting to see what is said at the AGM and then on the back of this whether and how much/ if they will need to be prepared to adjust their "indication only offer price." I think they now realise a simple take over at a cheap price is not going to be enough commercially or legally, and they will either have to stump up a far more reasonable offer for it to be accepted, or Acacia will have to take either formal action to safeguard their shareholders interests in Tanzania, or employ a separate Management Company or use Barricks consulting services to run the operation in Tanzania, otherwise the legal route is the only one left. One thing that is interesting however is today Barrick announced increasing their share in Midas Gold and as this has not been a complete takeover approach I am wondering if therefore they are now holding some of their cash pile back and the reason for this could be they need it for an increased offer for Acacia? I hope you see my reasoning but perhaps an interesting thought process?

Acacia is a fully independent company, listed on the London Stock Exchange (LSE), operating with its own management team and Board of Directors of whom a majority are independent of Barrick. Barrick owns 63.9% of Acacia Mining Plc.

The LSE requires that premium-listed companies (such as Acacia) be independent of majority shareholders (such as Barrick, in this case), with all dealings being independent, at arm’s-length, and otherwise in compliance with the UK Corporate Governance Code. The LSE established these rules to protect the interests of minority shareholders. These rules do give Barrick rights to information, and we have a right to appoint three of the eight Board members to exercise influence accordingly through Board participation (although currently Barrick has appointed two Board members).

However, the rules explicitly prohibit Barrick from exercising strategic control or directing Acacia’s day-to-day activities and outcomes, and require a relationship agreement to discuss specifically how consistency with the LSE and UK Corporate Governance Code requirements are met.

Within the context of this arm’s-length relationship, Barrick seeks to use influence on a number of matters, including its policies and programs related to human rights and its environmental practices around tailings impoundments.

Interesting that the DSE after a 6% rise on Friday closed up another 2% today. 8% in two days and so someone is buying in the local market?

Just seen some of the releases today, Blackrock reducing by a small 0.05% but J.P.Morgan now increasing their stake big time. i.e. two announcements ist bought 629,464 shares and sold only 218,109, and the second announcement bought 865,530 and only sold 123,614, and so they are certainly buying in here as others sell.

I have already thought of that but the GOT will then also get fed up with MB and call for JT. We are at "standstill" legally pending a negotiated solution the terms of which were set by JT and the president of Tanz and have under the terms agreed be presented to the Acacia committee. The fact we are at this position is due to the Acacia Lawyers and Political risk insurers suggestion however they will service a notice of protection on the Companies ops and sue via Int. Arbitration which will cost the GOT hundreds of millions if they lose. I found in my Insurance career all of the Political risk Insurers losses were recovered eventually however most after a change of govt. If we are at this stage the experts feel we stand a very good chance of success otherwise they would have already suggested a solution and an offer as Insurers do. I see this as a ok lets get it on (the Insurers will employ the best Lawyers in the World for this sort of thing and they do have influence, experiences and previous case results to refer to). The end results on probability will be very large. Not all of other cases will be known by the General public, as they are kept confidential but believe me this is not an unusual situation in the political risk market. I also see benefits of the extra time being that Acacia will be working their socks off to start mining outside of Tanzania and this will allow then to continue as a Company with diversification. After all that is why the GOT issued a fine a month of so ago for almost exactly the same amount that Acacia were rewarded for the exploration and discoveries in Burkina Faso, where they also have licenses in place for further exploration, as they do in Mali and Kenya where we are ready to rock'n'roll. If it is found there is bad faith involved and or even collusion to stop a solution Corporate Insurers are not unknown to sue each other either for bad faith. This can be a very expensive claim for anyone found to be guilty as it is the norm to also be charged compound interest on the whole claim, again a very expensive settlement. This is why Acacia have already said to Barrick and the GOT that a negotiated solution is the best outcome for all to be honest, not just Acacia if you follow me. One other thing if we are in a Political risk scenario don't automatically assume the Insurers will be UK V US V The GOT either, as from my experience most if not the largest Insurers in this field could well be American!! Some perhaps even the same Insurers as Barrick, and so this will also help towards a solution. All points towards a solution but I would not be surprised if it comes after arbitration is issued and the solution is found not by MB of JT but by the Lawyers on the court steps (just before the case starts).

The only good thing compared to others is that they are now in such an enviable position to be able to grow from pure organic growth as the solid foundations are all in place, which is not something every other Company can rely on. This is a very well run Company in a very beneficial position regarding their properties which as we all know in the long run will rise in value long term, plus also in the short term once we get Brexit behind us. That is why Standard Life and Royal London have them in their portfolios for their investment schemes and pension funds. A good sold, well run Company expected to continue to grow through organic growth.

Firstly things first it is good to see that both Odey and J.P.Morgan are building up their shares and buying more and that they see this as a great opportunity and so we know we are getting support from Acacia and their Representatives which shows a fight is underway for control and if this will turn hostile which will help us here.
Secondly I think if MB were to relax and think things through and conduct business fairly and reasonably to both sides he will actually achieve more. I feel his aggression is due to his nature but he is new to Barrick and trying to prove himself as if he is on a trial or a probation? I do not see an American firm changing their procedures and contracts of employment for anyone, even a new CEO, and so I feel he needs to act like a CEO who can see both sides rather than one with a six gun at his side, because eventually he might come across someone with a quicker draw!! He might also end up with a Bounty on his head? Its his choice how he wishes to conduct business but meeting people halfway always worked for me.

Parf, its amazing isn't it how MB only ever comes out of the woodwork and talks to the press after a sudden share price increase as if to stop the advance. I feel he is jumping the gun if he feels that he will break Acacia up when he has not even put forward a formal offer for the Company,and the minority interests including some quite large fund managers have said they would refuse his pure indicative offer in any case. No doubt he may now have to take into account the fact we now all see extra value in the other interests to which he so referred and certainly those outside of Tanzania which he has not made any extra allowance to. He will most certainly now have to revalue his offer in line with his and our expectation. Perhaps that is why the share price on the DSE exchange went up 6 percent on Friday close. Thanks Mark for your kind words of something we been seeing for Months. ie. Additional interests and extra money back towards our share price.

Hi VV -Yes I find it interesting too as certainly the local markets last time got wind a day before everyone else of news and so perhaps we might get something positive next week to warrant the 6% hike in price. I could see there were also some big local buys too, and that RBC Capital markets advised the LSE that it no longer holds any shorts and so there must be a valid reason for them getting out of their position by re-purchasing at what they feel is the most beneficial price to them.
Next week could become very interesting. We also know that Acacia were seeking quotes to start mining in Kenya and if they have done this and start it will add immediate value to this Company and we can then sell off Acacia Tanzania (if they don't want us) and start Acacia Kenya where the Uk and Kenya relations have always been good.

Could be a fund Manager or buyer to be honest. i.e. As you have said they are the largest Uk Brewer and cheap at the moment for any USD rated Company, they also own a lot of property which anyone taking over could asset strip out to recover the take over costs, and we know for one that Mr Buffett has already helped buyout Heinz and Cadburys, etc. and loves Uk food producers. This share could move up quite quickly even before Brexit is complete.

Just seen the price on the local Tanzanian stock market for Acacia tonight has suddenly jumped to be showing a 6% increase in price which is interesting. Maybe they know something?
https://www.dse.co.tz/profile-company/130

Looks to me as if the last two releases from RBC Capital Markets have closed off their shorts in both Acacia and Barrick to change their position to not having any holdings. They have been negative in the past and so they have no reason to be now. I am also sure this is because they expect the price of Gold to go up further.
If we didn't have the low suggested tentative suggestion of an offer from Barrick on the Table I am sure we would be well over £2 by now and so I agree Tiger this is now holding us back.
MW still have to settle their short and so we do have a rise left in us, and I suppose we might see some sentiment towards the AGM.

US Trade numbers not good at all will increase possibility of a US Fed rate cut as projected by analysts and this will help push up Gold prices. I understand the dollar was falling too, but trade is talking about possible trade deals again with China, which will also help us here. Miners could be the place to be at the moment.

Remember chaps when the Marstons properties where given a hit by the accountants and devalued it was thought this was a negative effect due to Brexit. however once we finally get this Brexit thing behind us the values should hopefully come back in line with foreign investment coming into the Country. I hear from US Fund managers that once Brexit is done they will start reviewing investing in the Uk, as they all now see the fallen values as a tremendous opportunity. Now could be a very good time to get back into the Top 250.

Sorry a correction I should have said to "delay" the AGM until a few days after the proposed date to actually see if we are to get any formal offer, and if so we can then act and vote on it.
It sees stupid to me to hold the meeting three days before the formal offer closing date, when it could be after. Barrick are clearly playing a tactical game.

Barick now not far off Annual highs. Gold rated in sterling now up 8.26% on the year which will help our earnings and profits. Should make an interesting AGM.
Are Barrick waiting for this meeting to take place before making their formal offer. I have written to and suggested to Acacia that we dearly our AGM until we have an indication of the formal offer price, rather than the informal one that is not acceptable, or delay the meeting until the three of four days after which is then after the Barrick deadline date. The AGM can then vote on any offer if forthcoming, reject it. and start proceedings, which us why I feel the meeting is taking place at Acacias lawyers offices!!

Dimi - well spotted. It shows there are contracts in place that we did not know about which give us a certain protection for the price of our shares, and clearly Odey see money is here to be made. I wonder what else Acacia have signed with contracts in place agreements as clearly it makes the shares and the voting rights worth a premium.
Perhaps Crispin Odey will also start buying more shares for a greater vote of control and this will force the share price up even more than pure momentum on rising Gold prices alone. They also see Barrick spending more to open up new mines and get more back in return. We should get a reward for future trading as they say.

Hi Chaps, yes the low interest rates mean more money in the workers pockets for Beer and the warm weather helps sales too. Last summer was good for Marstons and now they are in the supermarkets for the weekends & barbeque weather too, they will do very well this year.
With so many Companies being so volatile in this market a good solid Company such as this is what one needs for the safe portfolio investor. With weather encouraging strong sales, low rates, solid growth and what with people staying in the Uk, I put as a strong buy.

VV-Looks like the ECB have been talking about lowering or low rates and certainly will not be raising for some time. The Fed is also holding with suggestions still being made that their rate should be cut. This will give further support to Gold, and as you say we were only just short yesterday of 1350 an oz, currently 1333. This will have a very positive fact on the miners including the Acacia accounts and they will go into the AGM soon with a sign that profits are improving which will help the share price and the current economic climate is making the Barrick "low" offer look very out of date now.

Hi MP, certainly a lot I seem to remember on the merger with with Barrick he was to bring with him a tremendous number of shares accumulated maybe something like 5m shares and then to balance the books JT of Barrick took up and brought in the same number. So sometimes they take in the share options. I seem to remember being taken aback by what Bob Diamond was alleged to earn when he was at Barclays, was it something like 200m a year? I'm be very happy with just one of those please. I'll keep buying the ticket you never know.