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Maybe something else has happened VV -don't worry - time will tell. It may be he even watches this board?

Interesting Peel Hunt raised their Acacia price yesterday to over £2 - and I heard mention of an increased offer price.

I noticed yesterday business news in the Tanzanian "The Citizen" newspaper have not covered the so called GOT remarks re. not wanting to talk with Acacia. I also received in the post a very colourful Year end report for Acacia Shareholders which showed how much work they were actually carrying in the local community with sponsoring so many Tanzanian people projects such as education, teacher training, water cleansing, and so many GOT comments do not cut it with the local communities, and I wonder how far the adviser who has spoken is/has been influenced by the direct discussions if Acacia were not actually there to offer a balance?

I see they have taken advantage and changed the amount allocated to financial instruments, I wonder MW will notify of a change in their position soon?
I'm still holding I think I would need to buy £200,000 to reduced my average down - lucky for you Parf.

Whether we are Acacia or Barrick the increased Gold price helps.

Thanks VV good effort. I can only add that they will have Political risks insurances that would cover them in this situation and that is an additional asset they could share with the minority shareholders to be able to fund the increased share offer, or certainly any loss in value, so in effect his argument here does not wash.

Also the fact that whereas Acacia may not have much goodwill left in Tanzania with the current GOT but situations do change over time, they do have other interests outside of Tanzania where they do have goodwill and potential and greater future earning potential (out of Tanzania) such as the three or four other African countries where Acacia have contracts in place and to which Barrick have openly said they want to move into, are we the Pratts to catch the Mackerel (end goal?).Perhaps an increased share offer would be fair as you say.

P- Barrick still need to formalise an offer first -I am just saying it may not be as straightforward as they are suggesting, and they may have to make the offer more attractive. This board has been good fun and I am sure it will continue in some form.
Here's hoping for a fairer offer if we have to sell.

Following Barrick’s offer on Tuesday, Acacia said in a statement the government of Tanzania had refused to execute final agreements if Acacia is one of the counterparties.

Under UK rules, an offer for more than 30% of a company’s shares requires approval by at least 50% of shareholders unrelated to the deal. But that requirement may be waived if over 50% of the target is held by one shareholder. Barrick did not respond to requests for comment on the matter.

Morning star have the ownership as 43.80% Barrick, the rest of the holdings are not in Barricks name which is interesting? as they have PDG Sona (Cayman) Ltd at 11.04% and PDG Bank Ltd at 9.12% and the other major is BlackRock Inc as we know with 4.97%, so under the LSE rules they might actually not be able to take us over? Perhaps they will have to give us the full audited price after all rather than an arm round the back job.
VV perhaps a mention to MB is in order if not too late?

Chaps remember the figure that Barrick BOOK VALUE will be for ONLY their 64% share and so we need to divide by the 64% to get back up to 100%, The Usd300m offer is 100%. ie. So we would be only liable for the 36% of the fine.

Perhaps the values we are owed for our shares should be increased?

I also see the Insurances that Acacia and Barrick will both have as assets to help us get a good deal. Otherwise let's face it someone, or even all three parties involved here, could take a hit. After all what have we done wrong apart from investing in a business and Country that we all felt needed investment. isn't that what the Tanzanians are trying to encourage? Perhaps they too also need to look at themselves here? In fact all parties need to consider us. I don't take it at all that MB is doing us a favour by offering us less for risk, and by not undertaking the discussions in shareholders interests "confidentially" as our lawyers would have a field day here? I would suggest to them caution is required and professionalism needs to be retained whilst discussions still take place. Unless a deal is already signed by Barrick and the GOT undermining our interests in advance? .

Maybe something else has happened here behind the scenes. i.e. Perhaps the International Arbitration has become live as afterall the contracts and mining licences will be in Acacia's name. They will want to protect their position.

Maybe a compromise can be agreed in that Acacia agree to drop the arbitration on the basis of the deal and full value to the shareholders as you suggest BB. I am quite happy to now hold and to fall under Barrick leadership especially if we do not now need to sell our shares. Why do we if Barrick are now in control in anycase.

Hi Parf, clearly Barrick and the GOT are now working together which is fine. Perhaps as they have already taken control we will not now need to sell our shares. The prompt action by the G.O.T. has helped us here.
I do not mind who runs the Company to be honest and if it means Barrick are now running and it helps us then that is fine.
Perhaps we can now start exporting the composites - a good question VV for MB.

I see that FMR LLC have released on behalf of Barrick (& in sub title Acacia as other interests) a replacement notification that their share is over 5% at now 5.68%? I wonder if they are stake building as is they had held this before they should have disclosed it as being over 5% of the Company ownership. Unless I am misreading and so this could be the start of good news for us and might explain the sudden return in price at close?
https://otp.tools.investis.com/clients/uk/acacia_mining/rns/regulatory-story.aspx?cid=286&newsid=1270760

Hi P- Yes you could say that however we have steadily gained support in late trade, I saw we were down 4 to 5% this morning but have virtually recovered all losses this afternoon. Hopefully someone out there can see a bargain in front of them at these prices!!??

I'm absolutely amazed at how many major institutions have been holding shares in Acacia as minority shareholders. I can see MB will have a lot of big players to keep happy and some of those will be well known to him too.

I still feel this price can move up quickly. Fingers crossed.

VV- I was thinking overnight and MB said one thing that did not make much sense to me, and that was if Barrick offered us what they have indicated (despite the fact this is a far lower price that their own audited value they too would suffer a loss). This is not correct as they are in fact buying the minority shares at a discount. A discount that they would be able to recover from their Political risk insurers. That would actually cover them to pay us the full audited price.
I can also see that the Acacia Board (made up of both current and past Barrick employees by the way) would not want to travel to a hostile area, (where Arbitration proceedings are at standstill) which after all is only one Country within the Acacia Management. The G.O.T. were insisting with JT that the Company moved to Tanzania well they would not want to be based in one Country if they want to expand into other Countries such as Kenya which Acacia have indicated they are getting quotes to start mining.
For the negotiated deal there is nothing to stop MB sending that out to the minority shareholders by letter form (including Acacia in the process) to say that this has not done as Acacia will not talk is not acceptable. We can all see the only reason the deal is being held back and not presented is to get Acacia at a cheaper price.
Best of luck with the conversation VV. I feel we should have a premium on the offer for the reasons stated and not a reduced offer price due to the hostilities in one Country which is being made out to be far greater than it actually is.
Lastly the fact the offer was not an official one shows it was made tongue in cheek and as a backlash no doubt to the open press broadcasting by MB which JT and the GOT agreed must be conducted as confidential discussions with no press coverage - which clearly they have not. The only confidentiality MB is keeping is with Acacia and its minority shareholders? No why would that be? - Clearly he wants us cheap and the benefit of the deal after with the rising value.

Good points well made GH, Ellie from your on site experience and local knowledge would you know if Mark Bristow is saying anything here that is true Re.Senior Acacia Management being banned from Tanzania? I am sure they cannot be what with all of the Charity that is handed out by the Board for local causes? i.e. I did not see any grand cheque being handed over after the Lake Victoria Ferry disaster from Barrick. .

Hi VV you did well there, I am not surprised by the fact the Acacia Board will not be allowed into the Country as they have served International Arbitration proceedings and this will have created a hostile environment. However Barrick already own the majority shareholding of Acacia and do not need to buy up the minority shares at all to take control. They are in effect shareholders the same as we are and so I can only see that they want to buy our minority shares as they can add more value after they have done so. Perhaps the way out for us to is to take the reduced offer and then be allowed to claim from the Insurers the loss of value from the Political risk insurers? Or be granted additional shares that could be cashed later once the political environment improves? It was good he rang you however and it shows it was worth doing and he really wants our shares otherwise it would not have been worth his time.

Thanks for sharing this with us.

I feel we should receive a price to reflect the whole Companies assets and future good will for the other interests it has in other Countries where we have exploration rights, licences, commission smelter and future sales commissions. My experience when dealing with Political problems is they can change overnight, but mostly this occurs when there is a change of the Party in control. Acacia have been recently reporting openly that their relationship with the Tanzanian authorities has improved and so what MB says we should note but we should also hopefully get something from Acacia. We will not lose everything as we have legal rights and if the Tanzanians thought they were 100% right they would have acted differently. It would be good to get some feedback from Acacia too?

Hi Share Offer -welcome to the board. I feel all the press have jumped the gun as officially Barrick have made an indication of an offer price to see the market reaction but have until two days after the Acacia AGM to formally make it official. Their timing has been impeccable to say the least and most analysts are saying the offer is too cheap, the options are to either accept the proposal, reject the proposal, (which will mean it likely to turn hostile), and or continue to take the G.O.T. to International arbitration scheduled to start very soon, or even consider selling to someone else such as three Chinese Companies who have been talking with Acacia directly. Acacia have advised us to wait for them to come back after considering what is best for shareholders. I hope above helps.

Brexit tonight has shown chaps as in our case here the minority can sometimes win.
Thanks Tiger - we have some interesting posters on here don't we and this which keeps my tired old brain active.
If Barricks terms and conditions of their employments contracts are 6 months probation for new Management then yes I agree if I was JT I would be seriously concerned about the conduct of certain new employees he has just signed onto his books. The whole world and the dog can see what MB is trying to do here. The American philosophy I was always taught was to do the right thing, perhaps an internal training course is needed. I would like to see some confidentiality on what is said to the press too, without talking to Acacia first. I see a complete lack of respect to Acacia and its shareholders, and we should vote to have someone independant negotiate our interests with the G.O.T..

Further to your good points as usual BB I would add the situation we have is a Political situation, and one that the Acacia shareholders have not in fact caused (sometimes these things just happen which can be Company personality clashes).
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The Political climate is not one that we should pay for, and if the G.O.T will not deal with the current Acacia Management (some of whom are Barrick employees in any case) then Barrick (as they already report us as a subsidiary) can make a presentation of the deal to the Board in London with a declaration that for the shareholders protection of their interest a new Management team should be established to run the Company in Tanzania and one that the Tanzanians will deal with. Barrick do not actually need to buy our shares as they already hold the majority,and they can insist on a restructure if they really wanted to, and so they are only buying our shares for their own benefit and not for protecting the existing Acacia shareholders that they were representing.
They see an opportunity to make more money being in an advantageous position of knowing what the GOT will agree to. (This opportunity has now overtaken the reasons for their original involvement to complete the negotiation), one where the current Acacia shareholders have presumably paid for by being charged the costs (legal or otherwise for this negotiation). This is not a moan - it is the fact. My view is that greed has overtaken duty. This is not a Fair price for the given situation where the offer is being made by someone in a beneficial position.
We need to see more information from both Barrick and after the Acacia Board of Management have been given the opportunity to advise us as their shareholders of the situation. This is a legal duty in their Capacity of elected Management. I am surprised by the number of premier Minority shareholders coming forward with their notification of interests under the LSE rules, and they must know this is a Share price that is likely to rise and why we are starting to move up by the increased Market interest. Most papers and Analysts are reporting the suggested (not formal offer price) is too cheap and I would suggest this needs to be reconsidered by Barrick for the reasons mentioned. I have seen the AGM is currently proposed for 13th June and I would not at all be surprised if the three Chinese Companies saw this as an opportunity to come in with an offer now which will be far cheaper than when/ under Barrick Total control. We will need to watch this space as stranger things have happened.
Acacia have advised all the minority shareholders to wait and follow their advice and there must be a reason for this advice. What we need is another dimension and I am sure we might even get a twist or turn before Barrick make their formal offer as I feel the suggested offer was another tactical ploy, and the rising share price over the suggested offer price supports this view.

It appears that Acacia have been advising the truth that Barrick have not presented a proposal to the Acacia Committee but they MB have told the press they have one in place with the G.O.T subject to the Acacia approval? If these statements have affected the judgement of shareholders into buying Acacia shares and the statements are false I hope Barrick have Insurances in place. It may have been better for MB to not have said anything at all, and I am not sure if any confidentiality laws or contracts in place they may have been broken here. Acacia whilst they look into recent events have advised all Acacia shareholders to sit and wait which is what I will do. Acacia will no doubt have their own Lawyers and Insurers (who also usually employ the best Lawyers in the business) looking into this and so I will be quite happy to await their advice. I would also like to see if we can have any feedback from the Chinese who have been talking with Acacia about coming in here. I am not moaning. In the meantime the interest from the press should attract new shareholders to raise the share price.

Acacia have told all shareholders to hold and do nothing. I therefore feel that they are looking into the different options for us.
If seems a bit off that the Companies historical problems going back many years were under Barricks control NOT Acacia's and yet MB has openly said to the press he has a deal in place. He is just trying to make money out of the deal and get us to pay for the past mistakes of Barrick. Well I am sorry mate that is not acceptable. He is also in a beneficial position and as Ely has said he needs to legally disclose all of the information he has concerning the Companies affairs. I am not even sure he was been sworn in to act on Acacia's behalf as I said the other day we know JT has but MB has only just joined Barrick and is still most probably serving his probation!!