Global mining firm Barrick Gold Corp has extended
the deadline to take control of the remaining Acacia Mining Plc shares for 20
more days from June 18 to July 9, 2019.
Acacia North Mara gold mine in Tanzania |
According
to Acacia, Barrick, which holds majority shares (63.9 per cent), has requested
that the Tanzania miner seek an extension to the “put up or shut up” (PUSU)
deadline, “in order to provide further time to determine a proposal that might
receive sufficiently shareholder support.”
Acacia
announced on June 19 that it supported the deadline extension order to
facilitate further engagement with its minority shareholders but strongly disagree with a number of
statements made in the Barrick statements.
In the
statement made available on its website today, Acacia said “The Company
strongly disagrees with a number of statements made in the Announcement. The
Company is also surprised with the circumstances and timing of the
Announcement, which immediately followed earlier announcements regarding
Acacia’s agreement to Barrick’s request for an extension to the PUSU Deadline.
The Company will provide a detailed response to the relevant aspects of the
announcement, as appropriate, in due course.”
Shareholders
are strongly urged to take no action at this time.
In
accordance with Rule 2.6(a) of the Code, Barrick is required, by not later than
5.00pm on 9 July 2019, either to announce a firm intention to make an offer in
accordance with Rule 2.7 of the Code or to announce that they do not intend to
make an offer, in which case the announcement will be treated as a statement to
which Rule 2.8 of the Code applies. This deadline may be extended with the
consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
Last
month, Barrick proposed to take control of Acacia’s share capital to end a
two-year dispute between the mining firm and the Government of Tanzania after
Tanzania refused to finalize the deal with Acacia still in the picture.
Acacia
mining operates in Tanzania in three mines: Bulyanhulu, North Mara and Pangea
Minerals Limited.
For two
years, Tanzania has blocked exports of gold and copper concentrate from Acacia
mines and slapped the miner with $190 billion bill for tax evasion.
The tax
bill was for historical corporate income tax for the period between 2000 and
2017. Tanzania said Acacia owes it $40 billion in unpaid taxes and $150 billion
in penalties and interest.
The new
deadline for the takeover will only be extended with the consent of the UK
Takeover Panel in accordance with Rule 2.6(c) of the Code.
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