Acacia Mining (ACA)

Sector:

Mining

Index:

FTSE 250

234.00p
   
  • Change Today:
      2.20p
  • 52 Week High: 272.80
  • 52 Week Low: 96.08
  • Currency: UK Pounds
  • Shares Issued: 410.09m
  • Volume: 6,157,101
  • Market Cap: £959.60m
  • Beta: 0.00

Barrick Gold given extension on Acacia Mining offer

By Michele Maatouk

Date: Tuesday 18 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Barrick Gold has been given more time to either announce a firm offer for Acacia Mining or walk away.
The company, which originally had until the end of play on Tuesday, now has until 1700 BST on 9 July to consider its options.

Acacia announced back in May that it had received an indicative proposal from Barrick about a possible offer for the remaining shares in the company that it does not already own. It said at the time that the consideration would be in the form of new common shares in Barrick, with Acacia shareholders receiving 0.153 of a new common share of Barrick for each of their ordinary shares.

Broker Peel Hunt said in a note after the announcement that the offer was "low ball" and "opportunistic".

"It is smart, but we do not think it will not be accepted by the Acacia shareholders," it said.

It said that Acacia operations alone without a resolution with the Government of Tanzania were worth 186p or 0.195 equivalent ABX shares, which is 27% higher than the ABX proposal on its estimates. With a resolution, the shares are worth at least 215p or 0.225 equivalent ABX shares, which is a 47% premium to the ABX proposal on Peel's estimates.

Meanwhile, Berenberg said in a note on Tuesday that the indicative offer, which implies a 173p a share valuation, sits well below its new 224p price target and at the low end of its 158p to 245p valuation range.

The bank, which upped its stance on Acacia shares to 'hold' from 'sell', said the indicative offer appears "opportunistic" and came soon after Barrick announced that it was nearing a settlement with the government of Tanzania.

"We therefore question the fairness of the offer at a time when Barrick is the only shareholder with the ability to assess the fair value of the company," it said.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Acacia Mining Market Data

Currency UK Pounds
Share Price 234.00p
Change Today 2.20p
% Change 0.95 %
52 Week High 272.80
52 Week Low 96.08
Volume 6,157,101
Shares Issued 410.09m
Market Cap £959.60m
Beta 0.00

Acacia Mining Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
10.51% above the market average10.51% above the market average10.51% above the market average10.51% above the market average10.51% above the market average
74.79% below the sector average74.79% below the sector average74.79% below the sector average74.79% below the sector average74.79% below the sector average
Price Trend
87.51% above the market average87.51% above the market average87.51% above the market average87.51% above the market average87.51% above the market average
82.54% above the sector average82.54% above the sector average82.54% above the sector average82.54% above the sector average82.54% above the sector average
Income
91.59% below the market average91.59% below the market average91.59% below the market average91.59% below the market average91.59% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average
Growth
83.76% below the market average83.76% below the market average83.76% below the market average83.76% below the market average83.76% below the market average
93.44% below the sector average93.44% below the sector average93.44% below the sector average93.44% below the sector average93.44% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 7
Sell 0
Strong Sell 0
Total 9
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Acacia Mining Dividends

  Latest Previous
  Interim Final
Ex-Div n/a 04-May-17
Paid n/a 31-May-17
Amount 0.000¢ 8.40¢

Trades for 16-Sep-2019

Time Volume / Share Price
15:55 1,674 @ 234.00p
15:55 167 @ 233.80p
15:55 208 @ 233.80p
15:55 1,142 @ 233.80p
15:55 1,737 @ 233.80p

Acacia Mining Key Personnel

CFO Jaco Maritz

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