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Ashanti Goldfields Co. (ASL) Message Board

  • goldfits goldfits Feb 15, 2000 9:14 AM Flag

    On the threshold of a deal - pt 2

    GHANA-ASHANTI =2 ACCRA

    Gandur said talks
    between interested parties were taking place on Tuesday
    to decide how to proceed after an Accra court
    ordered the company last week to hold an extraordinary
    general meeting to discuss board changes demanded by
    minority shareholders.

    The court case arose from a
    desire by some shareholders to sell some mining assets
    to resolve a financial crisis linked to hedging
    losses which brought Ashanti to the brink of default on
    its financial commitments.

    "We are putting a
    lot of pressure (for) changes to make sure that the
    diseases that have brought the company to where it is
    today will never happen again, that the board will be
    so much more independent," Gandur said.

    He
    said financial institutions including banks and hedge
    counterparties were also represented in the talks in Accra. "I
    believe the banks are now happy, or on the verge (of
    being) happy with the new developments." He said he
    expected the talks to result in a new loan agreement.

    REUTERS Rtr 08:44 02-15-00



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