|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||11.62 - 11.62|
|52-week range||0.13 - 11.62|
|Beta (5Y monthly)||2.29|
|PE ratio (TTM)||0.54|
|Earnings date||01 Oct 2018|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||09 May 2012|
|1y target est||0.11|
The company had warned in October that it could be broken up as it continued talks with its largest shareholder, Elliott Management, to restructure its debt. Avocet has relied primarily on loans from Elliott since 2014 due to cash flow shortages resulting from a fall in gold prices and lower production at its Inata mine in Burkina Faso. "Having considered all available options for the future of Avocet, the board has resolved that ... Avocet will be placed into a members' voluntary liquidation with residual assets, if any, returned to its shareholders," the company said in a statement.
Gold Miner Avocet plans to close down its business after selling off its last significant asset in Guinea, the London-listed miner said on Friday, crumbling under mounting debt. Avocet, which had warned in October that it could be broken up while it was still in talks with its largest shareholder Elliott Management to restructure its debt, said it would pay creditors with whatever cash remained. The West Africa focussed miner has relied primarily on loans from Elliott since 2014 due to cash flow shortages resulting from a fall in gold prices and lower production at its Inata mine in Burkina Faso..
Morocco’s leading mining firm Managem said on Tuesday it increased its stake in the Tri-K gold project in eastern Guinea Conakry to 85% after acquiring a 30% stake held by its partner Avocet Mining for $21 million. The acquisition is in line with the group’s strategy to boost its gold production in the continent and strengthen its footprint in the Republic of Guinea, Managem said in a statement. The remaining 15% stake in the joint venture running the gold project, the Societe Miniere de Mandiana (SMM), is held by Guinean state mining company, SOGUIPAMI.