ACA.L - Acacia Mining plc

LSE - LSE Delayed price. Currency in GBp
173.70
+4.60 (+2.72%)
As of 2:12PM BST. Market open.
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Previous close169.10
Open175.00
Bid173.60 x 250000
Ask174.30 x 34800
Day's range168.95 - 177.64
52-week range93.56 - 268.20
Volume353,723
Avg. volume700,530
Market cap712.319M
Beta (3Y monthly)0.89
PE ratio (TTM)347.40
EPS (TTM)0.50
Earnings date25 Jul 2019
Forward dividend & yieldN/A (N/A)
Ex-dividend date2017-05-04
1y target est2.17
  • Reuters - UK Focus23 hours ago

    Barrick said Tuesday comments on Acacia offer not a 'no-increase statement'

    The comments, made to Bloomberg on Tuesday, addressed pending discussions with minority shareholders of Acacia Mining Plc over Barrick's proposal to offer 0.153 Barrick shares for each Acacia share. "My job is to sit down in the next few weeks and work through it with the minority shareholders," Bristow said in the phone interview.

  • Barrick Offers More Talk But Not More Stock for Acacia Stake
    Bloombergyesterday

    Barrick Offers More Talk But Not More Stock for Acacia Stake

    (Bloomberg) -- Barrick Gold Corp.’s CEO has no intention of raising his offer to buy out the rest of troubled African unit Acacia Mining Plc -- but he will use the next three weeks to talk.Barrick said in a statement on Tuesday it received a three-week extension to make a formal offer to minority shareholders for the roughly 36% stake in Acacia it doesn’t already own.“My job is to sit down in the next few weeks and work through it with the minority shareholders,” Barrick Chief Executive Officer Mark Bristow said in a phone interview Tuesday. Asked if those talks will include an offer for a higher indicative price, he was unequivocal. “No, we’re not,” he said. “We’re not. We would have done that already.”On Wednesday, Barrick released another statement citing Bloomberg’s interview with Bristow and confirming it’s “proposing to engage intensively with Acacia’s minority shareholders.” Barrick’s shares fell as much as 1.5% in pre-market trading in New York, while Acacia declined in London.Export BanThe clock is ticking as the London-listed unit, stuck in a public battle with Tanzania’s government since 2017, has seen its shares collapse by more than 60%. The Tanzanian government won’t engage with Acacia in any way, Bristow said, raising the possibility the situation could get even worse. “How much longer can these assets actually survive in a situation where the executive management of Acacia is unable to travel to the country, even?”Two years ago, Tanzania handed Acacia an export ban and a $190 billion tax bill, saying it falsely declared bullion sales abroad. Since then, the miner’s position in the East African country has deteriorated further. Its relationship with Barrick has also become increasingly strained, although Bristow said Tuesday’s statement from Acacia is a positive step on that front.Acacia said in a statement Tuesday it was open to a formal offer, provided the price was fair and its shareholders support the transaction. But on Wednesday, Acacia said it “strongly disagrees” with a number of statements in Barrick’s announcement regarding the situation in Tanzania and its mine plans in the East African nation. Acacia said in that statement it would provide a detailed response in due course, and urged its shareholders to take no action.‘Being Genuine’Under an informal proposal by Barrick in May, the Toronto-based company would buy out Acacia’s minority shareholders with its own shares at a ratio that implied a discount to the unit’s market value. Not all shareholders jumped on board, arguing the indicated price was too low, a fact Bristow has found frustrating. “We thought that they would at least accept that we were being genuine. But some people haven’t got their head around that, despite the fact that they are shareholders in Barrick and they have known me for years.”Since May, stronger gold prices have propelled gold miners higher. As of Monday, the proposed offer price valued Acacia at $887.8 million, Barrick said in its statement, which is close to the company’s current market value.‘Best Outcome’Some of Barrick’s largest shareholders, who also own Acacia shares, are backing the proposed swap. “The best outcome is a resolution, and the longer they delay that resolution, the longer it continues to destroy value,” Joe Foster, a portfolio manager at VanEck, said Tuesday by phone. “I expect both companies to do what it takes to get a quick resolution.”Acacia has been seeking to work out some of its issues with Tanzania through international arbitration, which is expected to begin in London in mid-July. Bristow said he doesn’t know if Acacia still plans to proceed with that legal process but said that Tuesday’s news is unrelated.Bristow’s hope is that Acacia’s board, and at least three-quarters of its minority shareholders, will support a Scheme of Arrangement proposal which would be the most “constructive” way for Barrick to assume 100% ownership. “It’s less costly, less burdensome on everyone, more efficient and much quicker,” he said.That may appeal to investors who want to move past the dispute so the companies can focus on production. “Generalist investors like us are upset with all the execution issues,” said Simon Jaeger, a portfolio manager at Flossbach von Storch AG, another of Barrick’s top shareholders. “They should get their heads together and solve it as soon as possible.”(Updates with comment from Barrick in fourth paragraph.)\--With assistance from Thomas Biesheuvel and Elena Mazneva.To contact the reporters on this story: Danielle Bochove in Toronto at dbochove1@bloomberg.net;Elena Mazneva in London at emazneva@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, ;Lynn Thomasson at lthomasson@bloomberg.net, Steven Frank, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • PR Newswireyesterday

    ACACIA MINING PLC - Statement re announcement from Barrick

    Acacia Mining plc (“Acacia” or “the Company”) notes the announcement from Barrick Gold Corporation (“Barrick”) yesterday regarding their views on the situation in Tanzania and Acacia’s mine plans (“the Announcement”). The Company strongly disagrees with a number of statements made in the Announcement.

  • Barrick CEO believes Acacia offer is fair after extending bid deadline
    Reuters2 days ago

    Barrick CEO believes Acacia offer is fair after extending bid deadline

    Acacia agreed on Tuesday to extend to July 9 the deadline for Toronto-based Barrick to make a firm offer to acquire the 36.1% of the company it does not already own. Barrick's May 21 share-for-share proposal valued Acacia at $787 million, a near 9% discount to its pre-offer closing price, drawing protests from Acacia's minority shareholders.

  • Reuters - UK Focus2 days ago

    UPDATE 2-Barrick CEO believes Acacia offer is fair after extending bid deadline

    Barrick Gold Corp, the world's No. 2 gold miner, believes its proposed offer to take full control of its African unit is "more than fair" and will engage with Acacia Mining Plc's board and minority shareholders to win them over, Chief Executive Mark Bristow told Reuters on Tuesday. Acacia agreed on Tuesday to extend to July 9 the deadline for Toronto-based Barrick to make a firm offer to acquire the 36.1% of the company it does not already own. Barrick's May 21 share-for-share proposal valued Acacia at $787 million, a near 9% discount to its pre-offer closing price, drawing protests from Acacia's minority shareholders.

  • PR Newswire2 days ago

    ACACIA MINING PLC - Extension of PUSU Deadline

    On 21 May 2019, Acacia Mining plc (“Acacia” or the “Company”) announced that it had received an indicative proposal from Barrick Gold Corporation (“Barrick”) regarding a possible offer (the “Proposal”) for the entire issued and to be issued share capital of the Company not already owned or controlled by Barrick (the “Announcement”). The Board of Acacia (the “Board”) believes that, subject to the price offered being fair and commanding the necessary support from shareholders, Barrick acquiring the remaining shares in Acacia it does not currently own would be an attractive solution for key stakeholders. The Announcement stated that any firm intention to make an offer in accordance with Rule 2.7 of the Code would be subject to a deadline of 5.00pm on 18 June 2019 (the "PUSU Deadline").

  • Gold rally narrows Acacia Mining, Barrick Gold offer gap ahead of deadline
    Reuters3 days ago

    Gold rally narrows Acacia Mining, Barrick Gold offer gap ahead of deadline

    TORONTO/LONDON (Reuters) - Ahead of Tuesday's deadline for Barrick Gold Corp to make a firm buyout bid for its Acacia Mining unit, a gold rally has eroded, but not eliminated, a discount and big Acacia shareholders say they still oppose the offer. Barrick must either firm up its proposal to acquire the 36.1% of Acacia it does not own by June 18, or walk away for at least six months under British takeover law. In the event opposition melts away and a friendly offer materialises, 75% of the minority shareholders would have to back it.

  • PR Newswire3 days ago

    Investec Asset Management Limited - Form 8.3 - Acacia Mining Plc

    FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1.         KEY INFORMATION ...

  • Reuters7 days ago

    Acacia investor Odey against any 'best and final' offer from Barrick

    TORONTO/LONDON (Reuters) - British hedge fund Odey Asset Management said on Thursday it would reject any offer from Barrick Gold Corp for its stake in Acacia Mining Plc that is framed as "best and final," becoming the second Acacia investor to publicly oppose the Canadian mining giant's buyout proposal. "Odey is not rejecting any specific level of firm offer," the firm, a top 10 shareholder in Acacia, said in an e-mailed statement. A firm offer of this nature by Barrick would impair the ability of Acacia's board to give a "robust response" that can effect any change, the fund said.

  • Reuters - UK Focus20 days ago

    Rejection of Barrick bid is 'no brainer', top Acacia investor says

    Fidelity International, one of the largest shareholders in Acacia Mining, said on Friday Barrick Gold's low bid to buy the Acacia shares it does not already own showed a lack of judgment and it was a "no brainer" to reject it. The comments in an interview are the first public response from one of Acacia's top shareholders since Barrick's offer earlier this month to buy them out for $787 million.

  • Bloomberg22 days ago

    Tanzania Says Acacia Mining Won't Be Allowed Role in Country

    “We will no longer work with Acacia,” Hassan Abbasi said Tuesday by phone. “Under no circumstances can Acacia be a party to the agreements, or have any role in the operation or management of the Barrick mining subsidiaries in Tanzania. Acacia has been at odds with Tanzania’s government since July 2017, when the state handed the London-listed gold producer a $190 billion tax bill, saying it under-declared bullion exports.

  • PR Newswire23 days ago

    Investec Asset Management Limited - Form 8.3 - Acacia Mining plc

    C FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1.         KEY INFORMATION ...

  • Bloomberg24 days ago

    Barrick CEO Says Nothing Exploitive in Play for Acacia Shares

    (Bloomberg) -- A low-ball proposal by parent Barrick Gold Corp. to buy out Acacia Mining Plc is an “appropriate” and “elegant” solution to a two-year dispute that has devastated the relationship between the global miner and one of its African subsidiaries, Barrick’s CEO says.

  • Reuters - UK Focus27 days ago

    Barrick's offer for Acacia Mining reflects Tanzania risk -CEO

    LONDON/TORONTO, May 24 (Reuters) - Barrick Gold Corp's offer to buy the rest of Acacia Mining for $787 million is fair because the Canadian company is taking on more risk by increasing its exposure to Tanzania, its chief executive said on Friday. Barrick, which owns 63.9% of London-listed Acacia, proposed on Tuesday to buy out the minority shareholders as part of efforts to resolve a 2017 tax dispute with the Tanzanian government.

  • Reuters - UK Focus27 days ago

    Barrick's offer for control of Acacia Mining reflects risk- CEO

    LONDON/TORONTO, May 24 (Reuters) - Barrick Gold Corp's offer to buy the rest of Acacia Mining reflects the risk the Canadian-listed mining company faces in increasing its exposure to Tanzania, its chief executive said on Friday. Barrick, which owns 63.9% in London-listed Acacia, on Tuesday proposed to buy out the minority shareholders as part of efforts to resolve a 2017 tax dispute with the Tanzanian government.

  • PR Newswire28 days ago

    ACACIA MINING PLC - Form 8.3 - Barrick Gold Corp

    FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1.         KEY INFORMATION ...

  • Reuters - UK Focus29 days ago

    Barrick's buyout offer for Acacia unit irks minority shareholders

    Barrick Gold Corp's proposal to take full control of its Acacia Mining Plc unit to resolve a long-standing tax dispute with Tanzania has drawn the ire of Acacia's minority shareholders, who may have the ultimate vote on a deal.

  • Barrick Plans to Mop Up Rest of Acacia to End Tanzania Pain
    Bloomberg29 days ago

    Barrick Plans to Mop Up Rest of Acacia to End Tanzania Pain

    The $285 million proposal made to Acacia’s board and management will offer 0.153 of Barrick shares for each Acacia share, the Toronto-based company -- which already owns about two-thirds of the target, said in a statement. The proposal implies a valuation of $787 million for the whole of Acacia, Barrick said.

  • Reuters - UK Focus29 days ago

    Barrick Gold bids to acquire remaining Acacia shares

    Canadian miner Barrick Gold Corp said on Tuesday it has proposed to acquire all of the shares it does not already own in Acacia Mining Plc through a share-for-share exchange of 0.153 Barrick shares for each ordinary share of Acacia. The proposal values Acacia, which is majority-owned by Barrick, at $787 million and total consideration to the minority shareholders of Acacia of $285 million, Barrick said. In its statement, Barrick said it has been negotiating with the government of Tanzania for the last two years to settle a tax dispute which could allow Acacia to resume its full operations in the country.

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