Acacia Mining Share Discussion Threads

[redhill] 09/7/2019 16:39

4.40 and no offer !

[casual47] 09/7/2019 12:10

Since I first started keeping track of Odey here, about a month ago, they have added around £4m / $5m worth. Make of that what you will...

[casual47] 09/7/2019 12:07

Odey keener still:

8,957,277 2.18%

[casual47] 28/6/2019 09:30

Odey still keen:

8,361,177 2.04%

[augustusgloop] 26/6/2019 17:47

The offer fairly values ACA under present conditions.

But, if Barrick have agreed with the Tanz Govt a reasonable settlement -- then all the major problems would go away -- and the offer does not take that into account.

Either way ACA shareholders (excluding Barrick) are being shafted.

[casual47] 26/6/2019 11:27

Odey further increasing their holding:

8,191,177 2.00%

[casual47] 25/6/2019 11:09

While the Barrick offer appreciates in absolute terms as their shareprice goes up, if you consider that with the rising gold price so has Acacia's value then it's easy to see that in relative terms the offer is still derisory.

If you consider the upside of an Acacia where all issues have been resolved then it doesn't compare with any upside Barrick shares can provide. With acacia we are talking about multiples, with Barrick it will be fractions.

If Barrick are convinced the true value of Acacia is permanently destroyed then why do they want to buy us out?

If Barrick are saying they can solve the issues then they should compensate us for some of the to be expected upside also, and not just what they perceive as the "damaged goods" book value (which as per Acacia's rebuttal is nonsense on stilts anyway).

Still lots to fight for.

[casual47] 19/6/2019 19:24

All ACA need to do is sit this out for as long as they can.

If the BOD doesn't recommend the offer it will be a hostile bid so would need 90% approval. That could be a tough gig for Barrick. If they fail they are locked out for the rest of the year.

Bristow needs to be careful to not go up so high on his pole that it would be embarrassing for him to climb down from it.

There could be plenty of minority shareholder support for taking this into arbitration.

Arbitration is a lengthy process but doesn't have to be - the parties involved can settle at any time and put a stop to it. That seems like the more likely scenario. Once the GoT's bluff is called they may prefer to make friends with reality.

[bookwormrobert] 19/6/2019 14:49

This whole story is just getting so weird now.
Mark Bristow (CEO of Barrick) is behaving like a dodgy Russian oligarch, not like the head of a huge multinational gold miner.
IMO, it is time for the London Stock Exchange and the regulators to get involved.

[casual47] 19/6/2019 11:14

Note that Barrick's offer is contingent on BOD backing. It would be very odd for the BOD to back an offer for which the valuation is based on Barrick's evaluation of the state of the company as presented in yesterday RNS.

It would be basically something like this: "We wholeheartedly recommend this offer which is based on the fact that we have been grossly overstating the potential and value of our assets contrary to our fiduciary duties as directors."

[casual47] 19/6/2019 11:02

"However, nothing in the Article should be considered to be a no increase statement for the purposes of Rule 32.2 of the Code."

All I can say to that is "lol"

"We will not increase the offer(*)
(*)this is not a statement that we will not increase the offer"

Maybe the Barrick legal team should consider comedy stand-up...

============
32.2 NO INCREASE STATEMENTS
(a) A “no increase statement” is a statement as to the finality of an offer, including a statement that the offer will not be “increasedR21;, “raised”, “amended”;, “revised”;, “improved̶1; or “changed”; and any similar
expression.
(b) If an offeror (or its directors, officials or advisers) makes a no increase statement, and that statement is not withdrawn immediately if incorrect, the offeror will not be allowed subsequently to amend the terms of its offer in any way, even if the amendment would not result in an increase of the value of the offer (eg the introduction of a lower
securities exchange alternative), except:
(i) where it specifically reserved the right to do so in certain circumstances at the time the no increase statement was made and those circumstances subsequently arise; or
(ii) in wholly exceptional circumstances.
(c) If an offeror wishes to include a reservation to a no increase statement, the Panel must be consulted. See also Rule 35.1(f) and Note 1(a)(i) on Rules 35.1 and 35.2.

[casual47] 18/6/2019 16:47

So, more chats to be had with the likes of Aberdeen, Fidelity and perhaps even Odey, it is.

[casual47] 17/6/2019 19:27

If Barrick submit an offer that is not substantially improved tomorrow then it looks like it will be hostile as I can't see the BOD agreeing to it and I also can't see them getting 90% support for it so we could by default end up in arbitration.

Should be interesting tomorrow. Tick tock.

Perhaps they will pull the offer and have some chats with the likes of Aberdeen, Fidelity and perhaps even Odey.

[casual47] 17/6/2019 09:06

Fraction more for Odey

7,987,677 1.95%

[casual47] 14/6/2019 09:55

Odey added a fraction more

7,974,860 1.94

[redhill] 14/6/2019 09:26

Odey pushing for a higher offer price.

[zedder] 12/6/2019 17:16

The possible offer currently worth 1.65p with ABX at 18.22 and an exchange rate of 1.687.

[the grumpy old men] 12/6/2019 10:16

KBW lowers its outperformance recommendation TO MARKET PERFORM and its price target from 13.90 to 12.10 EUR.

[casual47] 11/6/2019 13:42

Odey is increasing their holding, by another £2m worth, just shy of 1.3m shares:

7,936,450 1.94%

This is meaningful not just because it's a real "put your money where your mouth is" vote of confidence in the company but also because they are activist shareholders who have shown willing to take on Barrick.

[grupo] 10/6/2019 06:02

Credit Agricole plans €15bn investment in IT improvements
By Verdict Staff June 7, 2019

French banking group Credit Agricole has earmarked an investment of €15bn for its IT upgrades in the next four years.

The bank targets €300m in IT efficiency and aims to have a data-centric architecture in 2022 at 90% of the group entities.

Plans are also on to test all emerging technologies for various business lines.

To make its staff well-equipped to manage these technologies, the bank intends to train all its employees at the new IT University.

The bank has set its profit target at more than €5bn by 2022.

It aims revenue synergies of €10bn in 2022, driven by insurance and specialised financial services.

Commenting on its strategy, Credit Agricole said: “Within this new long-term framework, the 2022 strategic plan is a roadmap for profitable growth for Crédit Agricole.

“It builds upon the previous Medium-Term Plan, Strategic Ambitions 2020, which delivered almost all of its financial results a year ahead of schedule.

“It seeks to amplify and accelerate the Group’s growth in an uncertain environment, and in a context of growing societal expectations.”

At the same time, the bank outlined its focus on green financing.

The bank said that it will “commit all the Group’s entities to a common climate strategy, in line with the Paris Agreement”.

[grupo guitarlumber] 07/6/2019 13:12

07/06/2019 | 1:27 p.m.
Oddo BHF has confirmed its purchase recommendation and its target price of 15.5 euros on Crédit Agricole after the presentation of the strategic plan. The consulting firm explains that CASA is one of the few banks offering improved breakeven, excess capital generation and low valuation.

[casual47] 06/6/2019 08:38

Crispin Odey holding 6,636,715 shares, 1.62%