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Ashanti Goldfields Co. (ASL) Message Board

  • yahoo yahoo May 13, 2005 7:51 AM Flag

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    • Glad you stayed with the ship!

      Benchpress59 -

    • incidentally i emailed you recently (chris) remember? Looks like you were right!

    • ve and it would be really crazy buying more to average down again.

    • FOCUS-Ashanti drops finance chief, talks in
      Accra

      (Adds meeting in Accra today, government criticism,
      shares)

      By Ben Hirschler

      LONDON, Feb 14
      (Reuters) - Ashanti Goldfields Co Ltd [AGC.GH] on Monday
      ditched its chief financial officer, Mark Keatley, as the
      Ghana government convened talks in Accra to seek a new
      board line-up for the troubled mining company.


      Ghana's biggest company, which lost a court battle with
      dissident shareholders last week, said Keatley would step
      down after the next annual general meeting on April
      26.

      Disgruntled investors, led by Adryx
      Mining and Metals Ltd, had demanded Keatley should go
      following $570 million of gold hedging losses which brought
      the firm to the brink of default.

      The company
      also confirmed the resignation of Ghanaian Finance
      Minister Richard Kwame Peprah as chairman and said that
      Phillip Tarsh, its senior independent non-executive
      director, whould take over as acting chair.

      Ashanti
      is under mounting pressure after an Accra court
      ruling last week ordered it to hold an extraordinary
      shareholders' meeting -- scheduled for March 3 -- to consider
      demands for board changes and the sale or part-sale of
      assets.

      Both the dissident shareholders and the
      government say the firm has mismanaged a liquidity crisis
      caused by a spike up in gold prices last October.


      "Why did management wait so long to implement
      solutions which they were advised of last year? Because of
      delay, Ashanti is currently engaged in very delicate
      negotations with the members of its banking syndicate," the
      government said in a statement received here.

      SHARES
      SINK TO $2, NEW LOW

      Ashanti -- which was
      blocked by the government from pursuing its favoured
      option of merging with Lonmin Plc [LMI.L] -- said the
      comments from the government, which holds a 20 percent
      stake and golden share in Ashanti, were regrettable.


      Shares in the company, which were floated at $20 in
      1994, sank to a new low of $2 as the market fretted its
      future was now hanging in the balance.

      Ashanti
      had been due to sign a $100 million loan last
      Thursday to pay for work on the promising Geita gold
      project in Tanzania in which it aims to sell a 50 percent
      stake. But that refinancing plan was thwarted by the
      court ruling which barred it from any new financial
      transactions until after the EGM.

      The court wrangle
      has also put back the sale of the Geita stake.
      Ashanti had requested binding bids from potential buyers
      -- thought to include Barrick [ABX.TO] and AngloGold
      [ANGJ.J] -- by February 11. But on Monday it said the
      timetable would have to be delayed until current
      uncertainties were resolved.

      Time is also running out,
      once again, on its exemption from paying margin calls
      on its derivatives book. Earlier this month
      Ashanti's counterparty banks agreed a further rollover of
      the deadline, but only until February 17.


      Meanwhile, Ashanti faces another court challenge from
      dissatisfied shareholders, in the United States, where law
      firm Milberg Weiss Bershad Hynes & Lerach has launched
      a class action suit.
      ((London newsroom +44 171
      542 4299, fax +44 171 583 3769, e-mail:
      uk.equities.news@reuters.com))
      REUTERS Rtr 08:12 02-14-00




      //Begin Meta Data// Selector Code: reutr


      Copyright 2000, Reuters News Service


      http://www.adr.com/

 

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