Centamin (DI) (CEY)

Sector:

Mining

Index:

FTSE 250

124.05p
   
  • Change Today:
      0.25p
  • 52 Week High: 153.15
  • 52 Week Low: 79.84
  • Currency: UK Pounds
  • Shares Issued: 1,155.96m
  • Volume: 3,158,298
  • Market Cap: £1,433.96m
  • RiskGrade: 470

Centamin 'disappointed' at lack of engagement from Endeavour

By Josh White

Date: Wednesday 18 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Centamin updated shareholders on the unsolicited conditional proposal from Endeavour for a potential all-share combination on Wednesday, repeating its earlier guidance not to accept the offer.
The FTSE 250 company said that since it was approached by Endeavour in November, it had "repeatedly made clear" to Endeavour that it was willing to facilitate a reciprocal exchange of due diligence information to better assess the value to shareholders of the proposal.

To allow that exchange of information to take place, Centamin said it proposed that a non-disclosure agreement be executed.

It said Endeavour declined to enter into a non-disclosure agreement, and instead made a voluntary announcement which, under the City Code on Takeovers and Mergers, triggered an automatic and mandatory deadline of 31 December for Endeavour to either announce a firm intention to make an offer for Centamin or announce that it did not intend to make an offer.

On 10 December, the parties did execute a non-disclosure agreement, and the chairman of Centamin and chief executive officer of Endeavour met.

During that meeting on 14 December, Centamin said it was agreed that the parties would conduct reciprocal due diligence in order to fully assess the value to shareholders of the potential combination as a precursor to any further negotiations.

"Notwithstanding that the basis of engagement has been agreed and all preconditions to information flow in either direction, including a standstill having been satisfied, Endeavour has now indicated that it will not provide the information that Centamin has requested unless and until Centamin agrees to an extension of the PUSU deadline," the Centamin board said in its statement.

"Without Endeavour providing information that is core to the assessment of value, such as its financial model, Centamin cannot properly assess the proposed combination."

Centamin said it was "disappointed" that, despite its efforts at constructive engagement, Endeavour had "repeatedly refused to engage in a proper manner".

It said the unsolicited approach from Endeavour had created an "intense period of uncertainty" for all of the company's stakeholders, adding it believed that Endeavour should, without further delay, enter into "substantive" reciprocal due diligence.

"The company will determine whether to seek an extension of the PUSU deadline following its review of any information forthcoming from Endeavour," the board added.

"The board continues to advise shareholders to take no action in respect of Endeavour's proposal."

At 0815 GMT, shares in Centamin were up 0.77% at 118.15p.

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

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Centamin (DI) Market Data

Currency UK Pounds
Share Price 124.05p
Change Today 0.25p
% Change 0.20 %
52 Week High 153.15
52 Week Low 79.84
Volume 3,158,298
Shares Issued 1,155.96m
Market Cap £1,433.96m
RiskGrade 470

Centamin (DI) Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
38.77% below the market average38.77% below the market average38.77% below the market average38.77% below the market average38.77% below the market average
85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average
Price Trend
72.45% above the market average72.45% above the market average72.45% above the market average72.45% above the market average72.45% above the market average
72.36% above the sector average72.36% above the sector average72.36% above the sector average72.36% above the sector average72.36% above the sector average
Income
2.21% below the market average2.21% below the market average2.21% below the market average2.21% below the market average2.21% below the market average
80.95% below the sector average80.95% below the sector average80.95% below the sector average80.95% below the sector average80.95% below the sector average
Growth
73.14% below the market average73.14% below the market average73.14% below the market average73.14% below the market average73.14% below the market average
93.1% below the sector average93.1% below the sector average93.1% below the sector average93.1% below the sector average93.1% below the sector average

What The Brokers Say

Strong Buy 8
Buy 0
Neutral 4
Sell 0
Strong Sell 1
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Centamin (DI) Dividends

  Latest Previous
  Final Interim
Ex-Div 21-May-20 29-Aug-19
Paid 12-Jun-20 27-Sep-19
Amount 6.00¢ 4.00¢

Trades for 03-Apr-2020

Time Volume / Share Price
16:51 200,000 @ 123.65p
16:35 484,607 @ 124.05p
16:29 73 @ 123.50p
16:29 331 @ 123.75p
16:29 3,946 @ 123.75p

Centamin (DI) Key Personnel

CFO Ross Jerrard
CEO Martin Horgan

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